Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
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 | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 16,092 | $ 9,041 |
Accounts receivable - trade, net | 419,903 | 495,449 |
Inventories | 95,667 | 88,653 |
Other | 48,432 | 42,890 |
Total current assets | 580,094 | 636,033 |
FIXED ASSETS, at cost | 5,652,880 | 5,601,015 |
Less: Accumulated depreciation | (802,261) | (734,986) |
Net fixed assets | 4,850,619 | 4,866,029 |
MINERAL LEASEHOLDS, net of accumulated depletion | 563,369 | 564,506 |
NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income | 123,270 | 125,283 |
EQUITY INVESTEES | 372,493 | 381,550 |
INTANGIBLE ASSETS, net of amortization | 178,755 | 182,406 |
GOODWILL | 325,046 | 325,046 |
OTHER ASSETS, net of amortization | 116,190 | 56,628 |
TOTAL ASSETS | 7,109,836 | 7,137,481 |
CURRENT LIABILITIES: | ||
Accounts payable - trade | 263,527 | 270,855 |
Accrued liabilities | 152,163 | 185,409 |
Total current liabilities | 415,690 | 456,264 |
SENIOR SECURED CREDIT FACILITY | 1,279,000 | 1,099,200 |
SENIOR UNSECURED NOTES, net of debt issuance costs | 2,456,749 | 2,598,918 |
DEFERRED TAX LIABILITIES | 12,138 | 11,913 |
OTHER LONG-TERM LIABILITIES | 290,401 | 256,571 |
Total liabilities | 4,453,978 | 4,422,866 |
MEZZANINE CAPITAL: | ||
Class A Convertible Preferred Units, 22,901,980 and 22,411,728 issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 712,687 | 697,151 |
PARTNERS’ CAPITAL: | ||
Common unitholders, 122,579,218 and 122,579,218 units issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 1,951,590 | 2,026,147 |
Accumulated other comprehensive loss | (604) | (604) |
Noncontrolling interests | (7,815) | (8,079) |
Total partners' capital | 1,943,171 | 2,017,464 |
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | $ 7,109,836 | $ 7,137,481 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common units, issued | 122,579,218 | 122,579,218 |
Common units, outstanding | 122,579,218 | 122,579,218 |
Preferred units, issued | 22,901,980 | 22,411,728 |
Preferred units, outstanding | 22,901,980 | 22,411,728 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
REVENUES: | ||
Offshore pipeline transportation services | $ 73,260 | $ 85,128 |
Sodium minerals and sulfur services | 285,910 | 45,046 |
Marine transportation | 48,929 | 50,302 |
Onshore facilities and transportation | 317,709 | 235,015 |
Total revenues | 725,808 | 415,491 |
COSTS AND EXPENSES: | ||
Onshore facilities and transportation product costs | 277,818 | 192,093 |
Onshore facilities and transportation operating costs | 22,295 | 22,239 |
Marine transportation costs | 37,847 | 37,242 |
Sodium minerals and sulfur services operating costs | 223,498 | 27,364 |
Offshore pipeline transportation operating costs | 18,340 | 17,868 |
General and administrative | 11,674 | 9,976 |
Depreciation, depletion and amortization | 75,255 | 56,112 |
Total costs and expenses | 666,727 | 362,894 |
OPERATING INCOME | 59,081 | 52,597 |
Equity in earnings of equity investees | 10,572 | 11,335 |
Interest expense | (56,136) | (36,739) |
Other expense | (5,244) | 0 |
Income before income taxes | 8,273 | 27,193 |
Income tax expense | (375) | (255) |
NET INCOME | 7,898 | 26,938 |
Net loss attributable to noncontrolling interests | 136 | 152 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 8,034 | 27,090 |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (16,888) | 0 |
Net Income (loss) Available to Common Unitholders | $ (8,854) | $ 27,090 |
NET INCOME PER COMMON UNIT: | ||
Basic and Diluted (in dollars shares) | $ (0.07) | $ 0.23 |
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | ||
Basic and Diluted (in shares) | 122,579 | 118,388 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 7,898 | $ 26,938 |
Change in benefit plan liability | 0 | 0 |
Total Comprehensive income | 7,898 | 26,938 |
Comprehensive loss attributable to non-controlling interests | (136) | (152) |
Comprehensive income attributable to Genesis Energy, L.P. | $ 8,034 | $ 27,090 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | Partners’ Capital | Noncontrolling Interest | Accumulated Other Comprehensive Loss | Common UnitsPartners’ Capital |
Partners' capital, beginning balance (units) at Dec. 31, 2016 | 117,979,000 | ||||
Partners' capital, beginning balance at Dec. 31, 2016 | $ 2,120,050 | $ 2,130,331 | $ (10,281) | $ 0 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 26,938 | 27,090 | (152) | 0 | $ 0 |
Cash distributions to partners | (83,765) | (83,765) | 0 | 0 | $ 0 |
Issuance of common units for cash, net (units) | 4,600,000 | ||||
Issuance of common units for cash, net | 140,537 | 140,537 | 0 | 0 | |
Partners' capital, ending balance (units) at Mar. 31, 2017 | 122,579,000 | ||||
Partners' capital, ending balance at Mar. 31, 2017 | 2,203,760 | 2,214,193 | (10,433) | 0 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Impact of adoption of ASC 606 | Scenario, Adjustment | ASC 606 | (3,550) | (3,550) | 0 | 0 | $ 0 |
Partners' capital, adjusted beginning balance | $ 2,013,914 | 2,022,597 | (8,079) | (604) | |
Partners' capital, beginning balance (units) (Scenario, Previously Reported) at Dec. 31, 2017 | 122,579,000 | ||||
Partners' capital, beginning balance (units) at Dec. 31, 2017 | 122,579,218 | 122,579,000 | |||
Partners' capital, beginning balance (Scenario, Previously Reported) at Dec. 31, 2017 | $ 2,017,464 | 2,026,147 | (8,079) | (604) | |
Partners' capital, beginning balance at Dec. 31, 2017 | 2,017,464 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 7,898 | 8,034 | (136) | 0 | $ 0 |
Cash distributions to partners | (62,515) | (62,515) | 0 | 0 | 0 |
Cash contributions from noncontrolling interests | 400 | 0 | 400 | 0 | 0 |
Distributions to Class A Convertible Preferred unitholders | $ (16,526) | (16,526) | 0 | 0 | $ 0 |
Partners' capital, ending balance (units) at Mar. 31, 2018 | 122,579,218 | 122,579,000 | |||
Partners' capital, ending balance at Mar. 31, 2018 | $ 1,943,171 | $ 1,951,590 | $ (7,815) | $ (604) |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 7,898 | $ 26,938 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Depreciation, depletion and amortization | 75,255 | 56,112 |
Amortization and writeoff of debt issuance costs and discount | 4,161 | 2,582 |
Amortization Of Unearned Income And Initial Direct Costs On Direct Financing Leases | (3,330) | (3,500) |
Payments received under direct financing leases | 5,167 | 5,167 |
Equity in earnings of investments in equity investees | (10,572) | (11,335) |
Cash distributions of earnings of equity investees | 10,352 | 11,542 |
Non-cash effect of equity-based compensation plans | (136) | 864 |
Deferred and other tax liabilities | 225 | 205 |
Unrealized loss on derivative transactions | 2,642 | 142 |
Other, net | (1,552) | 1,391 |
Net changes in components of operating assets and liabilities (Note 14) | (3,782) | (29,068) |
Net cash provided by operating activities | 86,328 | 61,040 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to acquire fixed and intangible assets | (66,051) | (61,292) |
Cash distributions received from equity investees - return of investment | 9,277 | 9,083 |
Contributions in aid of construction costs | 0 | 124 |
Proceeds from asset sales | 6 | 1,234 |
Net cash used in investing activities | (56,768) | (50,851) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on senior secured credit facility | 333,800 | 216,700 |
Repayments on senior secured credit facility | (154,000) | (284,900) |
Repayment of senior unsecured notes | (145,170) | 0 |
Debt issuance costs | (159) | 0 |
Issuance of common units for cash, net | 0 | 140,968 |
Contributions from noncontrolling interest | 400 | 0 |
Distributions to common unitholders | (62,515) | (83,765) |
Other, net | 5,135 | 4,552 |
Net cash used in financing activities | (22,509) | (6,445) |
Net increase in cash and cash equivalents | 7,051 | 3,744 |
Cash and cash equivalents at beginning of period | 9,041 | 7,029 |
Cash and cash equivalents at end of period | $ 16,092 | $ 10,773 |
Organization and Basis of Prese
Organization and Basis of Presentation and Consolidation | 3 Months Ended |
Mar. 31, 2018 | |
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 our trona and trona-based exploring, mining, processing, producing, marketing and selling business (our"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 Class A Convertible Preferred units (our "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 report the results of our Alkali Business in our renamed sodium minerals and sulfur services segment, which includes our Alkali Business as well as our legacy refinery services operations. 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. 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 ; and • Marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America. 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, 2017 . 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 | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | Recent Accounting Developments Recently Issued We have adopted guidance under ASC Topic 606, Revenue from Contracts with Customers, and all related ASUs (collectively "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of adoption. The adoption date for our material equity method investment in the Poseidon Oil Pipeline Company, LLC will follow the non-public business entity adoption date of January 1, 2019 for its stand-alone financial statements. Refer to Note 3 for further details. 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 have adopted this guidance as of January 1, 2018 using the retrospective transition method to each period presented on the Consolidated Statements of Cash Flows. We reclassified $3.6 million from operating cash flows to investing cash flows for the three months ended March 31, 2017. In January 2017, the FASB issued guidance to simplify the goodwill impairment testing at annual or interim periods. The guidance eliminates Step 2 from the goodwill impairment testing process, and any identified impairment charge would be simplified to be the difference between the carrying value and fair value of a reporting unit, but would not exceed the total amount of goodwill allocated to the reporting unit in question. The guidance is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019, with early adoption permitted. We early adopted this guidance and it did not have an impact on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715). ASU 2017-07 requires employers to separate the service cost component from the other components of net benefit cost in the period. The new standard requires the other components of net benefit costs (excluding service costs), be reclassified to "Other expense" from "General and administrative." We adopted this standard as of January 1, 2018. This standard is applied retrospectively. The effect was not material to our financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2017 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition Adoption of ASC 606 and its related Transition effects The modified retrospective method of adoption required us to apply the new revenue standard to all new revenue contracts entered into after January 1, 2018 and revenue contracts that were not completed as of January 1, 2018. Our consolidated revenues for periods prior to January 1, 2018 were not revised and the cumulative effect of our adoption of ASC 606 was recorded as an adjustment to partners' capital at January 1, 2018. Based on this application, the following adjustments were made to our consolidated balance sheet as of January 1, 2018: December 31, 2017 Adjustments January 1, 2018 ASSETS Accounts receivable- trade, net $ 495,449 $ (48,028 ) $ 447,421 Inventories 88,653 5,138 93,791 Other assets, net of amortization 56,628 59,204 115,832 LIABILITIES AND CAPITAL Other long-term liabilities 256,571 19,864 276,435 Partners' capital 2,026,147 (3,550 ) 2,022,597 Current Impact of New Revenue Recognition Guidance The tables below summarize the impact of adoption on our unaudited condensed consolidated balance sheet and statement of operations as of and for the three months ended March 31, 2018: As of March 31, 2018 Unaudited Condensed Consolidated Balance Sheet As Reported Without adoption of ASC 606 Effect of Change Increase/(Decrease) ASSETS Accounts receivable-trade, net 419,903 472,116 (52,213 ) Inventories 95,667 92,628 3,039 Other Assets, net of amortization 116,190 51,948 64,242 LIABILITIES AND CAPITAL Other Long-Term Liabilities 290,401 268,832 21,569 Partners' Capital 1,951,590 1,958,091 (6,501 ) Three months ended March 31, 2018 Unaudited Condensed Consolidated Statement of Operations As Reported Without adoption of ASC 606 Effect of Change Increase/(Decrease) Offshore pipeline transportation services 73,260 74,111 (851 ) Sodium minerals and sulfur services 285,910 263,965 21,945 Marine transportation 48,929 48,929 — Onshore facilities and transportation 317,709 317,709 — Total revenues 725,808 704,714 21,094 Onshore facilities and transportation product costs 277,818 277,818 — Onshore facilities and transportation operating costs 22,295 22,295 — Marine transportation operating costs 37,847 37,847 — Sodium minerals and sulfur services operating costs 223,498 199,454 24,044 Offshore pipeline transportation operating costs 18,340 18,340 — OPERATING INCOME 59,081 62,032 (2,951 ) The effects of changes pursuant to ASC 606 in the tables above are attributable to our offshore pipeline transportation services operating segment and our sodium minerals and sulfur services operating segment. In our offshore pipeline transportation services segment, we have certain contracts with customers that contain tiered pricing structures that are dependent upon reaching certain cumulative milestones of throughput volumes on our pipelines. In addition, we have a contract that contains fixed and variable consideration for us to stand ready and provide reservation capacity for a fixed minimum quantity on our pipeline. Pursuant to the new guidance, we have allocated our estimated total transaction price over the life of the contract to the related performance obligation and recognized the effects in our Consolidated Financial Statements. In our sodium minerals and sulfur services operating segment, specifically our legacy refinery services business, we have two distinct performance obligations, including the completion of our refinery sulfur removal process, for which we receive in-kind consideration, and our sale of NaHS to our customers. Due to this, we have recorded revenue and the related cost of sales in the Consolidated Financial Statements for the three months ended March 31, 2018 (the "2018 Quarter") for services performed for the in-kind consideration for our services. Further discussion of our performance obligations by type and segment are below. Revenue from Contracts with Customers The following table reflects the disaggregation of our revenues by major category for the three months ended March 31, 2018: Period ended March 31, 2018 Onshore Facilities & Transportation Sodium Minerals & Sulfur Services Offshore Pipeline Transportation Marine Transportation Consolidated Fee-based revenues 30,338 — 73,260 48,929 152,527 Product Sales 287,371 263,965 — — 551,336 Refinery Services — 21,945 — — 21,945 $ 317,709 $ 285,910 $ 73,260 $ 48,929 $ 725,808 The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for the revenue streams described in more detail below. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time, for delivery of products. Fee-based Revenues We provide a variety of fee-based transportation and logistics services to our customers across several of our reportable segments as outlined below. Offshore Pipeline Transportation Revenue from our offshore pipelines is generally based upon a fixed fee per unit of volume (typically per Mcf of natural gas or per barrel of crude oil) gathered, transported, or processed multiplied by the volume delivered. Fees are based either on contractual arrangements or tariffs regulated by the FERC. Revenue associated with these fee-based services is recognized as volumes are delivered over the performance obligation period. In addition to the offshore pipeline transportation revenue discussed above, we also have certain contracts with customers in which we earn either demand-type fees or firm capacity reservation fees. These fees are charged to a customer regardless of the volume the customer actually delivers to the platform or through the pipeline. These contracts include a single performance obligation to stand ready, on a monthly basis, to provide capacity on our assets. In addition to these offshore pipeline transportation services revenue streams, we also have certain customer contracts in which the transportation fee has a tiered pricing structure based on cumulative milestones of throughput on the related pipeline asset and contract, or on a specified date. The performance obligation for these contracts is to transport, gather or process commodity volumes for the customer based on firm (stand ready) service or from monthly nominations made by our customers, which can also be on an interruptible basis. While our transportation rate changes when milestones are achieved for certain cumulative throughput, the performance obligation satisfied by us does not change throughout the life of the contract. Therefore revenue is recognized on an average rate basis throughout the life of the contract. We have estimated the total consideration to be received under the contract beginning at the contract inception date based on the estimated volumes (including certain minimum volumes we are required to stand ready for), price indexing, estimated production or contracted volumes, and the contract period. We have constrained the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. These estimates will be reassessed at each reporting period as required. Billings to our customers are reflected at the contract rate. This variability between the consideration received from our customers from invoicing compared to the revenue recognized creates a contract asset or liability. In circumstances where the estimated average contract rate is less than the billed current price tier in the contract, we will recognize a contract liability. In circumstances where the estimated average contract rate is higher than the billed current price tier in the contract, we will recognize a contract asset. Onshore Facilities and Transportation Within our onshore facilities and transportation segment, we provide our customers with pipeline transportation, terminalling services, and rail loading/unloading services, among others, primarily on a per barrel fee basis. Revenues from contracts for the transportation of crude oil by our pipelines are based on actual volumes at a published tariff and some contain minimum throughput provisions which reset within one year. We recognize revenues for transportation and other services over the performance obligation period, which is the contract term. Revenues for both firm and interruptible transportation and other services are recognized when product is delivered to the agreed upon delivery point or at the point of receipt because they specifically relate to our efforts to transfer the distinct services. Service contracts contain a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over the contract period, and therefore qualify as a single performance obligation that is satisfied over time. The customer receives and consumes the benefit of our services simultaneous with the provision of those services. Pricing for our services is determined through a variety of mechanisms, including specified contract pricing or regulated tariff pricing. Consideration to be received by us under these contracts is variable, as the volume of the commodity to be transported is unknown at contract inception. At the end of a day or month (as specified in the contract), both the price and volume are known (or “fixed”) in order to allow us to accurately calculate the amount of consideration we are entitled to invoice. The measurement of these services and invoicing occurs on a monthly basis. Pipeline Loss Allowances In order to compensate us for bearing the risk of volumetric losses of crude oil in transit in our pipelines (for our onshore and offshore pipelines) due to temperature, crude quality, and the inherent difficulties of measurement of liquids in a pipeline, our tariffs and agreements include the right for us to make volumetric deductions from the customer for quality and volumetric fluctuations. We refer to these deductions as pipeline loss allowances ("PLA"). We compare these allowances to the actual volumetric gains and losses of the pipeline and the net gain or loss is recorded as revenue or a reduction of revenue. As the allowance is related to our pipeline transportation services, the performance obligation is the obligation to transport and deliver the barrels and is considered a single obligation. When net gains occur, we have crude oil inventory. When net losses occur, we reduce any recorded inventory on hand and record a liability for the purchase of crude oil required to replace the lost volumes. Under ASC 606, we record excess oil as non-cash consideration at the lower of the recorded value or the market value and include this amount in the transaction price. The crude oil in inventory can then be sold at current prevailing market prices, resulting in additional revenue if the sales price exceeds the inventory value when control transfers to the customer. Marine Transportation Our marine transportation business consists of revenues from the inland and offshore marine transportation of heavy refined petroleum products, asphalt and crude oil, using our barges or vessels. This revenue is recognized over the passage of time of individual trips as determined on an individual contract basis. Revenue from these contracts is typically based on a set day-rate or a set fee per cargo movement. The costs of fuel and certain other operational costs may be directly reimbursed by the customer, if stipulated in the contract. A performance obligation is driven by providing transportation services using our vessels for a single day either under a term or spot based contract. The transaction price is usually fixed per the contract either as a day rate or as a lump sum to be allocated over days required to complete the service. Revenue is recognizable as the transportation service utilizing our vessels occurs, as the customer simultaneously receives and consumes these services as they are provided. If provided in the contract, certain items such as fuel or operational costs can be rebilled to the customer in the same period in which the costs are incurred. In the event timing of a trip to provide our services crosses a reporting period under a lump sum fee contract, the revenue earned is accrued based on the progress completed in the current period on the related performance obligation as we are entitled to payment for each day. Customer invoicing occurs at the completion of a trip, or earlier at the customer’s request. Product Sales Sodium Minerals and Sulfur Services Product sales in our sodium minerals and sulfur services segment primarily involve the sales of caustic soda, NaHS, soda ash and other alkali products. As it relates to revenue recognition, these sales transactions contain a single performance obligation, which is the delivery of the product to the customer at the agreed upon point of sale. For some transactions, control of product transfers to the customer at the shipping point, but we are obligated to arrange for shipment of the product as directed by the customer. Rather than treat these shipping activities as separate performance obligations, our policy is to account for them as fulfillment costs in accordance with ASC 606. The transaction price for these product sales are determined by specific contracts, typically at a fixed rate or based on a market or indexed rate. This pricing is known, or is “fixed,” at the time of revenue recognition. Invoicing and related payment terms are in accordance with industry standard or contract specification based on final pricing. The entirety of the transaction price is allocated to the performance obligation which is delivery of the product at the agreed upon point of sale. As this type of revenue is earned at a point in time, there is no allocation of transaction price to future performance obligations. Onshore Facilities and Transportation Product sales in our onshore facilities and transportation segment primarily involve the sales of crude oil and petroleum products. These contracts contain a single performance obligation, which is the delivery of the product to the customer at a specified location. These contracts are settled on a monthly basis for term contracts, or on a spot basis. Invoicing and related payment terms are in accordance with industry standard or contract specification based on final pricing. Pricing is designated within the contracts and is either fixed, index-based or formulaic, utilizing an average price for the month or for a specified range of days, regardless of when delivery occurs. In either case, pricing is known at the time of invoicing. The entirety of the consideration is allocated to a single performance obligation which is delivery of the product to a specified location. As this type of revenue is earned at a point in time, there is no allocation of transaction price to future performance obligations. Refinery Services Our refinery services business primarily provides sulfur extraction services to refiners’ high sulfur (or “sour”) gas streams that the refineries have generated from crude oil processing operations. Our process applies our proprietary technology, which uses caustic soda to act as a scrubbing agent under prescribed temperature and pressure to remove sulfur. The technology returns a clean (sulfur-free) hydrocarbon stream to the refinery for further processing into refined products, and simultaneously produces NaHS. Units of NaHS are produced ratably as a gas stream is processed. We obtain control and ownership of the NaHS immediately upon production which constitutes the sole consideration received for our sulfur removal services. We later market this product to third parties as part of our product sales, as described above. As part of some of our arrangements, we pay a refinery access fee (“RSA fee”) for any benefits received by virtue of our plant’s proximity to the customer’s refinery. Our RSA fee is recorded as a reduction of revenue. Providing sulfur removal services is the singular performance obligation in our refinery service agreements. As our customers simultaneously receive and consume the refinery service benefits, control is transferred and revenue is recognized over time based on the extent of progress towards completion of the performance obligations. We use units of NaHS produced during a period to measure progress as the amount we receive corresponds directly with the efforts to provide our services completed to date. The transaction price for each performance obligation is determined using the fair value of a unit of NaHS on the contract inception date for each refinery services agreement. Accordingly, we record the value of NaHS received as non cash consideration in inventory until it is subsequently sold to our customers (see Product Sales, above). Contract Assets and Liabilities The table below depicts our contract asset and liability balances and related activity from January 1, 2018 to March 31, 2018: Contract Assets Contract Liabilities Non-Current Non-Current Balance at January 1, 2018 59,204 19,864 Balance at March 31, 2018 64,240 21,570 During the three months ended March 31, 2018 there were no balances that were previously classified as contract liabilities at the beginning of the period that were recognized as revenues. Accounts receivable-trade, net does not include consideration received in kind from our refinery services process. We did not have any contract modifications during the period that would affect our contract asset and liability balances. Transaction Price Allocations to Future Performance Obligations We are required to disclose the amount of our transaction prices that are allocated to future unrecognized performance obligations as of March 31, 2018. However, ASC 606 does provide the following practical expedients and exemptions that we utilized: 1) Performance obligations are part of a contract with an expected duration of one year or less; 2) Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and 3) Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series. We apply these practical expedients and exceptions to our revenue streams recognized over time. The majority of our contracts qualify for one of these expedients or exceptions. After considering these practical expedients and identifying the remaining contract types that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. As it relates to our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long term period. Therefore, we have allocated our remaining contract value (as estimated and discussed above) to future periods. As of March 31, 2018 have an estimated aggregate transaction price allocated to unsatisfied performance obligations of $379.9 million for our offshore transportation segment. Similarly, in our marine transportation segment, our contract related to our M/T American Phoenix contains minimum fixed consideration over the life of the contract, which ends in September 2020. The estimated aggregate transaction price allocated to unsatisfied performance obligations is $67.5 million as of March 31, 2018. In our onshore facilities and transportation segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets. These fixed minimum billings totaling $202.7 million will be recognized over their remaining contract period as shown below. The following chart depicts how we expect to recognize revenues for future periods related to these contracts: Offshore Pipeline Transportation Marine Transportation Onshore Facilities and Transportation Remainder of 2018 $ 63,672 $ 20,350 $ 49,773 2019 73,918 27,010 66,267 2020 50,883 20,128 60,689 2021 34,261 — 21,714 2022 22,558 — 4,283 Thereafter 134,623 — — Total $ 379,915 $ 67,488 $ 202,726 |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition Acquisition Alkali Business On September 1, 2017 , we acquired our Alkali Business for approximately $1.325 billion (inclusive of approximately $105 million in working capital). Our Alkali Business produces natural soda ash, also known as sodium carbonate (Na2CO3), a 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 our 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 we do not expect any material adjustments to these preliminary purchase allocations. We expect to finalize the purchase price allocation for this transaction during the first half of 2018. Our preliminary purchase price allocation remains unchanged from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017. 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 March 31, 2018 Revenues 208,549 Net income 31,740 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, 2017 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 our Alkali Business acquisition been completed on January 1, 2017 . Pro forma net income includes the effects of distributions on our preferred units and interest expense on incremental borrowings. The dilutive effect of our preferred units is calculated using the if-converted method. Three Months Ended 2017 Pro forma consolidated financial operating results: Revenues $ 606,100 Net Income Attributable to Genesis Energy, L.P. 36,490 Net Income Available to Common Unitholders 20,083 Basic and diluted earnings per common unit: As reported net income per common unit $ 0.23 Pro forma net income per common unit $ 0.17 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major components of inventories were as follows: March 31, December 31, Petroleum products $ 20,048 $ 8,731 Crude oil 25,133 29,873 Caustic soda 5,016 5,755 NaHS 9,655 8,277 Raw materials - Alkali operations 4,648 4,550 Work-in-process - Alkali operations 9,747 7,355 Finished goods, net - Alkali operations 10,914 14,075 Materials and supplies, net - Alkali operations 10,498 10,030 Other 8 7 Total $ 95,667 $ 88,653 Inventories are valued at the lower of cost or net realizable value. The net realizable value of inventories were not below cost as of March 31, 2018 and December 31, 2017 . |
Fixed Assets and Mineral Leaseh
Fixed Assets and Mineral Leaseholds | 3 Months Ended |
Mar. 31, 2018 | |
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: March 31, December 31, Crude oil pipelines and natural gas pipelines and related assets $ 3,081,841 $ 3,028,657 Alkali facilities, machinery, and equipment 499,539 497,601 Onshore facilities, machinery, and equipment 725,217 692,364 Transportation equipment 21,468 21,483 Marine vessels 934,315 918,953 Land, buildings and improvements 224,055 223,186 Office equipment, furniture and fixtures 18,162 18,112 Construction in progress 96,800 151,768 Other 51,483 48,891 Fixed assets, at cost 5,652,880 5,601,015 Less: Accumulated depreciation (802,261 ) (734,986 ) Net fixed assets $ 4,850,619 $ 4,866,029 Mineral Leaseholds Our Mineral Leaseholds, as relating to our recently acquired Alkali Business, consist of the following: March 31, December 31, Mineral leaseholds 566,019 566,019 Less: Accumulated depletion (2,650 ) (1,513 ) Mineral leaseholds, net $ 563,369 $ 564,506 Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended 2018 2017 Depreciation expense $ 68,428 $ 49,924 Depletion expense 1,137 — 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, 2017 : ARO liability balance, December 31, 2017 $ 198,187 Accretion expense 2,718 Change in estimate 1,163 Settlements (2,836 ) ARO liability balance, March 31, 2018 $ 199,232 Of the ARO balances disclosed above, $11.8 million and $20.9 million is included as current in "Accrued liabilities" on our Unaudited Condensed Consolidated Balance Sheet as of March 31, 2018 and December 31, 2017 , respectively. The remainder of the ARO liability as of March 31, 2018 and December 31, 2017 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 2018 $ 8,264 2019 $ 9,908 2020 $ 8,743 2021 $ 9,337 2022 $ 9,972 Certain of our unconsolidated affiliates have AROs recorded at March 31, 2018 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our Consolidated Financial Statements. |
Equity Investees
Equity Investees | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 , the unamortized excess cost amounts totaled $378.4 million and $382.4 million , respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation. The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees. Three Months Ended 2018 2017 Genesis’ share of operating earnings $ 14,514 $ 15,277 Amortization of excess purchase price (3,942 ) (3,942 ) Net equity in earnings $ 10,572 $ 11,335 Distributions received $ 19,629 $ 20,625 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): March 31, December 31, BALANCE SHEET DATA: Assets Current assets $ 13,626 $ 18,711 Fixed assets, net 213,472 217,343 Other assets 1,123 1,203 Total assets $ 228,221 $ 237,257 Liabilities and equity Current liabilities $ 17,846 $ 17,560 Other liabilities 235,834 237,434 Equity (25,459 ) (17,737 ) Total liabilities and equity $ 228,221 $ 237,257 Three Months Ended 2018 2017 INCOME STATEMENT DATA: Revenues $ 28,944 $ 28,905 Operating income $ 20,347 $ 20,787 Net income $ 18,578 $ 19,435 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 | 3 Months Ended |
Mar. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets The following table summarizes the components of our intangible assets at the dates indicated: March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Sodium minerals and sulfur services: Customer relationships $ 94,654 $ 93,033 $ 1,621 $ 94,654 $ 92,493 $ 2,161 Licensing agreements 38,678 37,066 1,612 38,678 36,528 2,150 Non-compete agreement 800 156 644 800 89 711 Segment total 134,132 130,255 3,877 134,132 129,110 5,022 Onshore Facilities & Transportation: Customer relationships 35,430 35,093 337 35,430 35,082 348 Intangibles associated with lease 13,260 5,051 8,209 13,260 4,933 8,327 Segment total 48,690 40,144 8,546 48,690 40,015 8,675 Marine contract intangibles 27,000 13,050 13,950 27,000 11,700 15,300 Offshore pipeline contract intangibles 158,101 22,190 135,911 158,101 20,109 137,992 Other 30,684 14,213 16,471 28,900 13,483 15,417 Total $ 398,607 $ 219,852 $ 178,755 $ 396,823 $ 214,417 $ 182,406 Our amortization of intangible assets for the periods presented was as follows: Three Months Ended 2018 2017 Amortization of intangible assets $ 5,433 $ 5,872 We estimate that our amortization expense for the next five years will be as follows: Remainder of 2018 $ 16,475 2019 $ 16,914 2020 $ 16,661 2021 $ 11,080 2022 $ 10,695 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our obligations under debt arrangements consisted of the following: March 31, 2018 December 31, 2017 Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Senior secured credit facility $ 1,279,000 $ — $ 1,279,000 $ 1,099,200 $ — $ 1,099,200 5.750% senior unsecured notes due February 2021 — — — 145,170 1,303 143,867 6.750% senior unsecured notes due August 2022 750,000 15,257 734,743 750,000 16,077 733,923 6.000% senior unsecured notes due May 2023 400,000 5,424 394,576 400,000 5,691 394,309 5.625% senior unsecured notes due June 2024 350,000 5,493 344,507 350,000 5,717 344,283 6.500% senior unsecured notes due October 2025 550,000 9,157 540,843 550,000 9,462 540,538 6.250% senior unsecured notes due May 2026 450,000 7,920 442,080 450,000 8,002 441,998 Total long-term debt $ 3,779,000 $ 43,251 $ 3,735,749 $ 3,744,370 $ 46,252 $ 3,698,118 (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 $13.1 million and $14.1 million as of March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018 , we were in compliance with the financial covenants contained in our credit agreement and senior unsecured notes indentures. Senior Secured Credit Facility The key terms for rates under our $1.7 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 March 31, 2018 , we had $1.3 billion borrowed under our $1.7 billion credit facility, with $40.5 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 $1.2 million was outstanding at March 31, 2018 . 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 March 31, 2018 was $419.8 million . Senior Unsecured Note Issuances, Redemption, and Extinguishment On December 11, 2017, we issued $450 million in aggregate principal amount of 6.25% senior unsecured notes due May 15, 2026 (the "2026 Notes"). Interest payments are due May 15 and November 15 of each year with the initial interest payment due May 15, 2018. Our 2026 Notes mature on May 15, 2026. That issuance generated proceeds of $441.8 million , net of issuance costs incurred. We used $204.8 million of the net proceeds to redeem the portion of the 5.75% senior unsecured notes due February 15, 2021 (the "2021 Notes") that were validly tendered and the remaining net proceeds to repay a portion of the borrowings outstanding under our revolving credit facility. On February 15, 2018, we redeemed our remaining 2021 Notes in full at a redemption price of 101.438% of the principal amount, plus accrued and unpaid interest up to, but not including, the redemption date. We incurred a total loss of approximately $3.3 million relating to the extinguishment of those notes (including the writeoff of the related unamortized debt issuance costs), which loss is recorded as "Other income/(expense), net" in our Consolidated Statements of Operations. |
Partners' Capital, Mezzanine Eq
Partners' Capital, Mezzanine Equity and Distributions | 3 Months Ended |
Mar. 31, 2018 | |
Partners' Capital and Distributions [Abstract] | |
Partners' Capital, Mezzanine Equity and Distributions | Partners’ Capital, Mezzanine Capital and Distributions At March 31, 2018 , our outstanding common units consisted of 122,539,221 Class A units and 39,997 Class B units. Distributions We paid or will pay the following distributions to our common unitholders in 2017 and 2018 : Distribution For Date Paid Per Unit Amount Total Amount 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 $ 0.5000 $ 61,290 4 th Quarter February 14, 2018 $ 0.5100 $ 62,515 2018 1 st Quarter May 15, 2018 (1) $ 0.5200 $ 63,741 (1) This distribution will be paid to unitholders of record as of May 1, 2018 . Class A Convertible Preferred Units On September 1, 2017, we sold $750 million of our 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. Accounting for the Class A Convertible Preferred Units Our preferred units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event that is outside our control. Therefore, we present them as temporary equity in the mezzanine section of the Consolidated Balance Sheet. We recorded our preferred units at their issuance date fair value, net of issuance costs. Because our preferred units are not currently redeemable and we do not have plans or expect any events that constitute a change of control in our partnership agreement, we present our preferred units at their initial carrying amount. However, we would be required to adjust that carrying amount if it becomes probable that we would be required to redeem our preferred units . Initial and Subsequent Measurement We initially recognized our preferred units at their issuance date fair value, net of issuance costs. We will not be required to adjust the carrying amount of our preferred units until it becomes probable that they would become redeemable. Once redemption becomes probable, we would adjust the carrying amount of our preferred units to the redemption value over a period of time comprising the date the feature first becomes probable and the date the units can first be redeemed. Preferred unit distributions are recognized on the date in which they are declared. In January 2018, we declared a $16.5 million distribution on our preferred units owned as of January 31, 2018. This distribution was paid in kind ("PIK") through the issuance of 490,252 additional preferred units. The following table shows the change in our preferred units from December 31, 2017 to March 31, 2018: As of March 31, Mezzanine Capital Balance 2018 Balance as of December 31, 2017 697,151 Distribution paid-in-kind 16,527 Allocation of Distribution paid in-kind to Preferred Distribution Rate Reset Election ( Note 16 ) (991 ) Balance as of March 31, 2018 712,687 Three months ended March 31, Number of Class A Convertible Preferred Units 2018 Balance as of December 31, 2017 22,411,728 Distribution paid-in-kind 490,252 Balance as of March 31, 2018 22,901,980 Net income attributable to common unitholders is reduced by preferred unit distributions that accumulated during the period. During 2018, net income attributable to common unitholders was reduced by $16.9 million as a result of distributions that accumulated during the period. With respect to our preferred units to be issued relating to the first quarter of 2018, we elected to make a PIK payment for the quarterly distribution, which will result in the issuance of an additional 500,976 preferred units. This PIK amount equates to a distribution of $0.7374 per preferred unit for the first quarter of 2018, or $2.9496 annualized. These distributions will be paid on May 15, 2018 to unitholders holders of record at the close of business May 1, 2018. |
Net Income Per Common Unit
Net Income Per Common Unit | 3 Months Ended |
Mar. 31, 2018 | |
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 preferred unitholders, by the weighted average number of common units outstanding. The dilutive effect of our preferred units is calculated using the if-converted method. Under the if-converted method, our 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 months ended March 31, 2018 , the effect of the assumed conversion of the 22,901,980 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 2018 2017 Net Income Attributable to Genesis Energy L.P. $ 8,034 $ 27,090 Less: Accumulated distributions attributable to Class A Convertible Preferred Units (16,888 ) — Net Income (loss) Available to Common Unitholders $ (8,854 ) $ 27,090 Weighted Average Outstanding Units 122,579 118,388 Basic and Diluted Net Income (loss) per Common Unit $ (0.07 ) $ 0.23 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information We currently manage our businesses through four divisions that constitute our reportable segments: • Offshore pipeline transportation – offshore transportation 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 for refineries 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 ;and • Marine transportation – marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America. 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 Onshore Facilities & Transportation Marine Transportation Total Three Months Ended March 31, 2018 Segment Margin (a) $ 73,173 $ 64,391 $ 21,689 $ 10,987 $ 170,240 Capital expenditures (b) $ 654 $ 9,699 $ 23,289 $ 10,865 44,507 Revenues: External customers $ 73,260 $ 287,403 $ 320,215 $ 44,930 725,808 Intersegment (c) — (1,493 ) (2,506 ) 3,999 — Total revenues of reportable segments $ 73,260 $ 285,910 $ 317,709 $ 48,929 $ 725,808 Three Months Ended March 31, 2017 Segment Margin (a) $ 87,089 $ 17,496 $ 21,097 $ 12,963 $ 138,645 Capital expenditures (b) $ 2,239 $ 513 $ 46,702 $ 9,533 58,987 Revenues: External customers $ 85,405 $ 47,271 $ 234,611 $ 48,204 415,491 Intersegment (c) (277 ) (2,225 ) 404 2,098 — Total revenues of reportable segments $ 85,128 $ 45,046 $ 235,015 $ 50,302 $ 415,491 Total assets by reportable segment were as follows: March 31, December 31, Offshore pipeline transportation $ 2,472,742 $ 2,486,803 Sodium minerals and sulfur services 1,842,607 1,848,188 Onshore facilities and transportation 1,916,102 1,927,976 Marine transportation 819,057 824,777 Other assets 59,328 49,737 Total consolidated assets 7,109,836 7,137,481 (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 2018 2017 Total Segment Margin $ 170,240 $ 138,645 Corporate general and administrative expenses (10,460 ) (8,327 ) Depreciation, depletion, amortization and accretion (78,008 ) (58,395 ) Interest expense (56,136 ) (36,739 ) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (9,057 ) (9,290 ) Non-cash items not included in Segment Margin (6,137 ) 437 Cash payments from direct financing leases in excess of earnings (1,839 ) (1,667 ) Loss on extinguishment of debt (3,339 ) — Differences in timing of cash receipts for certain contractual arrangements (2) 3,331 2,681 Non-cash provision for leased items no longer in use (186 ) — Income tax expense (375 ) (255 ) Net income attributable to Genesis Energy, L.P. $ 8,034 $ 27,090 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts. |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Mar. 31, 2018 | |
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 2018 2017 Revenues: Sales of CO 2 to Sandhill Group, LLC (1) $ 543 $ 677 Revenues from services and fees to Poseidon Oil Pipeline Company, LLC (2) 3,200 3,022 Revenues from product sales to ANSAC 90,796 — Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 Charges for services from Poseidon Oil Pipeline Company, LLC (2) 249 241 Charges for services from ANSAC 1,778 — (1) We own a 50% interest in Sandhill Group, LLC. (2) We own 64% interest in Poseidon Oil Pipeline Company, LLC. Our CEO, Mr. Sims, owns an aircraft which is used by us for business purposes in the course of operations. We pay Mr. Sims a fixed monthly fee and reimburse the aircraft management company for costs related to our usage of the aircraft, including fuel and the actual out-of-pocket costs. Based on current market rates for chartering of private aircraft under long-term, priority arrangements with industry recognized chartering companies, we believe that the terms of this arrangement are no worse than what we could have expected to obtain in an arms-length transaction. Poseidon At March 31, 2018 and December 31, 2017 Poseidon Oil Pipeline Company, LLC owed us $1.8 million and $2.2 million , respectively, for services rendered. 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 months ended March 31, 2018 reflect $2.2 million 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 using a pro rata calculation based on sales. Those costs include sales and marketing, employees, office supplies, professional fees, 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 our 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 $90.8 million during the period ended March 31, 2018 . The costs charged to us by ANSAC, included in operating costs, were $1.8 million during the peri od ended March 31, 2018 . Receivables from ANSAC as of March 31, 2018 and December 31, 2017 are as follows: March 31, December 31, 2018 2017 Receivables: ANSAC $ 71,276 $ 74,490 Payables: ANSAC $ 1,970 $ 1,223 ANSAC is considered a variable interest entity (VIE) because we experience certain risks and rewards from our relationship with it. Because we do not exercise control over ANSAC and are not considered its primary beneficiary, we do not consolidate ANSAC. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2018 | |
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. Three Months Ended 2018 2017 (Increase) decrease in: Accounts receivable $ 27,368 $ 9,169 Inventories (4,469 ) 6,009 Deferred charges (4,161 ) (348 ) Other current assets (7,694 ) (4,605 ) Increase (decrease) in: Accounts payable 94 (17,305 ) Accrued liabilities (14,920 ) (21,988 ) Net changes in components of operating assets and liabilities (3,782 ) (29,068 ) Payments of interest and commitment fees were $43.0 million and $46.7 million for the three months ended March 31, 2018 and March 31, 2017 , respectively. We capitalized interest of $1.4 million and $6.0 million during the three months ended March 31, 2018 and March 31, 2017 . At March 31, 2018 and March 31, 2017 , we had incurred liabilities for fixed and intangible asset additions totaling $20.6 million and $31.6 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 | 3 Months Ended |
Mar. 31, 2018 | |
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. Additionally, in 2018 we have entered into swap arrangements. Our Alkali Business relies on natural gas to generate heat and electricity for operations. We use a combination of commodity price swap contracts and future purchase contracts to manage our exposure to fluctuations in natural gas prices. The swap contracts fix the basis differential between NYMEX Henry Hub and NW Rocky Mountain posted prices. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of the derivative contracts as increases or decreases in our cost of sales. At March 31, 2018 , 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) 243 — Weighted average contract price per bbl $ 62.41 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 283 145 Weighted average contract price per bbl $ 63.92 $ 64.68 Natural gas swaps: Contract volumes (10,000 MMBTU) 275 — Weighted average price differential per MMBTU $ 0.61 $ — Natural gas futures: Contract volumes (10,000 MMBTU) 35 275 Weighted average contract price per MMBTU $ 2.74 $ 2.83 Diesel futures: Contract volumes (1,000 bbls) 6 — Weighted average contract price per bbl $ 1.94 $ — NYM RBOB Gas futures: Contract volumes (42,000 gallons) 24 16 Weighted average contract price per gallon $ 1.97 $ 1.94 Fuel oil futures: Contract volumes (1,000 bbls) 397 40 Weighted average contract price per bbl $ 54.55 $ 54.03 Crude oil options: Contract volumes (1,000 bbls) 70 20 Weighted average premium received $ 1.16 $ 0.29 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 March 31, 2018 and December 31, 2017 : Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value March 31, December 31, Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 394 $ 505 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (394 ) (505 ) 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 $ 34 $ 54 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (34 ) (54 ) 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 (48,106 ) (45,209 ) Natural Gas Swap (undesignated hedge) Current Liabilities - Accrued Liabilities (358 ) — Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (1,001 ) $ (1,203 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,001 1,203 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) $ (646 ) $ (863 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 646 338 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ (525 ) (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 10 and Note 16 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 March 31, 2018 , we had a net broker receivable of approximately $1.9 million consisting of our initial margin balance of $1.9 million . As of December 31, 2017 , we had a net broker receivable of approximately $1.0 million (consisting of initial margin of $1.3 million decreased by $0.3 million of variation margin). At March 31, 2018 and December 31, 2017 , 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 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 110% of the Issue Price. The Rate Reset Election of our 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 March 31, 2018 , the fair value of this embedded derivative was a liability of $48.1 million . See Note 10 for additional information regarding our 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 2018 2017 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ (1,366 ) $ 6,286 Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs, sodium minerals and sulfur services operating costs (332 ) 1,093 Total commodity derivatives $ (1,698 ) $ 7,379 Natural Gas Swap Liability Sodium minerals and sulfur services operating costs $ (275 ) $ — Preferred Distribution Rate Reset Election Other expense $ (1,906 ) $ — |
Fair-Value Measurements
Fair-Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 . Fair Value at Fair Value at March 31, 2018 December 31, 2017 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 428 $ — $ — $ 559 $ — $ — Liabilities $ (1,647 ) $ (358 ) $ — $ (2,066 ) $ — $ — Preferred Distribution Rate Reset Election $ — $ — $ (48,106 ) $ — $ — $ (45,209 ) 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 March 31, 2018 Balance as of December 31, 2017 (45,209) Net Loss for the period included in earnings (1,906) Allocation of Distribution Paid-in-kind (991) Balance as of March 31, 2018 (48,106) 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 the swaps contracts was determined using market price quotations and a pricing model. The swap contracts were considered a level 2 input in the fair value hierarchy at March 31, 2018 . The fair value of the embedded derivative feature is based on a valuation model that estimates the fair value of our 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 15 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 March 31, 2018 our senior unsecured notes had a carrying value and fair value of $2.5 billion compared to $2.6 billion and $2.7 billion , respectively, at December 31, 2017 . 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 | 3 Months Ended |
Mar. 31, 2018 | |
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 during that period) relating to certain leased railcars no longer in use. As of March 31, 2018, our remaining provision is $9.3 million , of which $3.9 million is recorded as 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 | 3 Months Ended |
Mar. 31, 2018 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Our $2.5 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries, except Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC and certain other minor subsidiaries. Genesis NEJD Pipeline, LLC is 100% owned by Genesis Energy, L.P., the parent company. The remaining non-guarantor subsidiaries are owned by Genesis Crude Oil, L.P., a guarantor subsidiary. Genesis Energy Finance Corporation has no independent assets or operations. See Note 9 for additional information regarding our consolidated debt obligations. 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 March 31, 2018 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 $ — $ 14,677 $ 1,409 $ — $ 16,092 Other current assets 25 — 551,885 12,137 (45 ) 564,002 Total current assets 31 — 566,562 13,546 (45 ) 580,094 Fixed assets, at cost — — 5,575,295 77,585 — 5,652,880 Less: Accumulated depreciation — — (774,919 ) (27,342 ) — (802,261 ) Net fixed assets — — 4,800,376 50,243 — 4,850,619 Mineral Leaseholds — — 563,369 — — 563,369 Goodwill — — 325,046 — — 325,046 Other assets, net 13,083 — 438,693 124,242 (157,803 ) 418,215 Advances to affiliates 3,799,305 — — 89,334 (3,888,639 ) — Equity investees — — 372,493 — — 372,493 Investments in subsidiaries 2,693,391 — 83,624 — (2,777,015 ) — Total assets $ 6,505,810 $ — $ 7,150,163 $ 277,365 $ (6,823,502 ) $ 7,109,836 LIABILITIES AND CAPITAL Current liabilities $ 57,677 $ — $ 348,421 $ 10,137 $ (545 ) $ 415,690 Senior secured credit facility 1,279,000 — — — — 1,279,000 Senior unsecured notes 2,456,749 — — — — 2,456,749 Deferred tax liabilities — — 12,138 — — 12,138 Advances from affiliates — — 3,888,239 — (3,888,239 ) — Other liabilities 48,107 — 214,494 185,456 (157,656 ) 290,401 Total liabilities 3,841,533 — 4,463,292 195,593 (4,046,440 ) 4,453,978 Mezzanine Capital: Class A Convertible Preferred Units 712,687 — — — — 712,687 Partners’ capital, common units 1,951,590 — 2,687,475 89,587 (2,777,062 ) 1,951,590 Accumulated other comprehensive loss (1) — — (604 ) — — (604 ) Noncontrolling interests — — — (7,815 ) — (7,815 ) Total liabilities, mezzanine capital and partners’ capital $ 6,505,810 $ — $ 7,150,163 $ 277,365 $ (6,823,502 ) $ 7,109,836 (1) The entire balance and activity within Accumulated Other Comprehensive Income is related to our pension held within our Guarantor Subsidiaries. Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ — $ 8,340 $ 695 $ — $ 9,041 Other current assets 50 — 614,682 12,316 (56 ) 626,992 Total current assets 56 — 623,022 13,011 (56 ) 636,033 Fixed assets, at cost — — 5,523,431 77,584 — 5,601,015 Less: Accumulated depreciation — — (708,269 ) (26,717 ) — (734,986 ) Net fixed assets — — 4,815,162 50,867 — 4,866,029 Mineral Leaseholds — — 564,506 — — 564,506 Goodwill — — 325,046 — — 325,046 Other assets, net 14,083 — 378,371 126,300 (154,437 ) 364,317 Advances to affiliates 3,808,712 — — 85,423 (3,894,135 ) — Equity investees and other investments — — 381,550 — — 381,550 Investments in subsidiaries 2,689,861 — 82,616 — (2,772,477 ) — Total assets $ 6,512,712 $ — $ 7,170,273 $ 275,601 $ (6,821,105 ) $ 7,137,481 LIABILITIES AND CAPITAL Current liabilities $ 46,086 $ — $ 399,017 $ 11,417 $ (256 ) $ 456,264 Senior secured credit facilities 1,099,200 — — — — 1,099,200 Senior unsecured notes 2,598,918 — — — — 2,598,918 Deferred tax liabilities — — 11,913 — — 11,913 Advances from affiliates — — 3,894,027 — (3,894,027 ) — Other liabilities 45,210 — 182,414 183,237 (154,290 ) 256,571 Total liabilities 3,789,414 — 4,487,371 194,654 (4,048,573 ) 4,422,866 Mezzanine Capital: Class A Convertible Preferred Units 697,151 — — — — 697,151 Partners’ capital, common units 2,026,147 — 2,683,506 89,026 (2,772,532 ) 2,026,147 Accumulated other comprehensive loss (1) — — (604 ) — — (604 ) Noncontrolling interests — — — (8,079 ) — (8,079 ) Total liabilities, mezzanine capital and partners’ capital $ 6,512,712 $ — $ 7,170,273 $ 275,601 $ (6,821,105 ) $ 7,137,481 (1) The entire balance and activity within Accumulated Other Comprehensive Income is related to our pension held within our Guarantor Subsidiaries. Unaudited Condensed Consolidating Statement of Operations Three Months Ended March 31, 2018 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 $ — $ — $ 73,260 $ — $ — $ 73,260 Sodium minerals and sulfur services — — 285,097 3,066 (2,253 ) 285,910 Marine transportation — — 48,929 — — 48,929 Onshore facilities and transportation — — 312,874 4,835 — 317,709 Total revenues — — 720,160 7,901 (2,253 ) 725,808 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 299,841 272 — 300,113 Marine transportation costs — — 37,847 — — 37,847 Sodium minerals and sulfur services operating costs — — 223,247 2,504 (2,253 ) 223,498 Offshore pipeline transportation operating costs — — 17,662 678 — 18,340 General and administrative — — 11,674 — — 11,674 Depreciation, depletion and amortization — — 74,630 625 — 75,255 Total costs and expenses — — 664,901 4,079 (2,253 ) 666,727 OPERATING INCOME — — 55,259 3,822 — 59,081 Equity in earnings of subsidiaries 69,592 — 632 — (70,224 ) — Equity in earnings of equity investees — — 10,572 — — 10,572 Interest (expense) income, net (56,314 ) — 3,544 (3,366 ) — (56,136 ) Other expense (5,244 ) — — — — (5,244 ) Income before income taxes 8,034 — 70,007 456 (70,224 ) 8,273 Income tax expense — — (377 ) 2 — (375 ) NET INCOME 8,034 — 69,630 458 (70,224 ) 7,898 Net loss attributable to noncontrolling interest — — — 136 — 136 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 8,034 $ — $ 69,630 $ 594 $ (70,224 ) $ 8,034 Less: Accumulated distributions attributable to Class A Convertible Preferred Units (16,888 ) — — — — $ (16,888 ) NET INCOME(LOSS) AVAILABLE TO COMMON UNIT HOLDERS $ (8,854 ) $ — $ 69,630 $ 594 $ (70,224 ) $ (8,854 ) Unaudited Condensed Consolidating Statement of Operations Three Months Ended March 31, 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 $ — $ — $ 85,128 $ — $ 85,128 Sodium minerals and sulfur services — — 45,034 1,810 (1,798 ) 45,046 Marine transportation — — 50,302 — — 50,302 Onshore facilities and transportation — — 230,070 4,945 — 235,015 Total revenues — — 410,534 6,755 (1,798 ) 415,491 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 214,071 261 — 214,332 Marine transportation costs — — 37,242 — — 37,242 Sodium minerals and sulfur services operating costs — — 27,153 2,009 (1,798 ) 27,364 Offshore pipeline transportation operating costs — — 17,106 762 — 17,868 General and administrative — — 9,976 — — 9,976 Depreciation, depletion and amortization — — 55,487 625 — 56,112 Total costs and expenses — — 361,035 3,657 (1,798 ) 362,894 OPERATING INCOME — — 49,499 3,098 — 52,597 Equity in earnings of subsidiaries 63,809 — (250 ) — (63,559 ) — Equity in earnings of equity investees — — 11,335 — — 11,335 Interest (expense) income, net (36,719 ) — 3,520 (3,540 ) — (36,739 ) Income before income taxes 27,090 — 64,104 (442 ) (63,559 ) 27,193 Income tax (expense) benefit — — (255 ) — — (255 ) NET INCOME 27,090 — 63,849 (442 ) (63,559 ) 26,938 Net loss attributable to noncontrolling interest — — — 152 — 152 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 27,090 $ — $ 63,849 $ (290 ) $ (63,559 ) $ 27,090 Less: Accumulated distributions attributable to Class A Convertible Preferred Units — — — — — — NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 27,090 $ — $ 63,849 $ (290 ) $ (63,559 ) $ 27,090 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 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 $ 18,637 $ — $ 124,180 $ 874 $ (57,363 ) $ 86,328 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (66,051 ) — — (66,051 ) Cash distributions received from equity investees - return of investment — — 9,277 — — 9,277 Acquisitions — — — — — — Intercompany transfers 9,407 — — — (9,407 ) — Repayments on loan to non-guarantor subsidiary — — 1,801 — (1,801 ) — Contributions in aid of construction costs — — — — — — Proceeds from asset sales — — 6 — — 6 Other, net — — — — — — Net cash used in investing activities 9,407 — (54,967 ) — (11,208 ) (56,768 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 333,800 — — — — 333,800 Repayments on senior secured credit facility (154,000 ) — — — — (154,000 ) Proceeds from issuance of senior unsecured notes — — — — — — Repayment of senior unsecured notes (145,170 ) — — — — (145,170 ) Proceeds from issuance of Class A convertible preferred units, net — — — — — — Debt issuance costs (159 ) — — — — (159 ) Intercompany transfers — — (5,496 ) (3,911 ) 9,407 — Issuance of common units for cash, net — — — — — — Distributions to common unitholders (62,515 ) — (62,515 ) — 62,515 (62,515 ) Contributions from noncontrolling interest — — — 400 — 400 Other, net — — 5,135 3,351 (3,351 ) 5,135 Net cash used in financing activities (28,044 ) — (62,876 ) (160 ) 68,571 (22,509 ) Net increase in cash and cash equivalents — — 6,337 714 — 7,051 Cash and cash equivalents at beginning of period 6 — 8,340 695 — 9,041 Cash and cash equivalents at end of period $ 6 $ — $ 14,677 $ 1,409 $ — $ 16,092 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 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 $ 42,623 $ — $ 95,023 $ 2,007 $ (78,613 ) $ 61,040 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (61,292 ) — — (61,292 ) Cash distributions received from equity investees - return of investment — — 9,083 — — 9,083 Investments in equity investees (140,968 ) — — — 140,968 — Acquisitions — — — — — — Intercompany transfers 109,342 — — — (109,342 ) — Repayments on loan to non-guarantor subsidiary — — 1,627 — (1,627 ) — Contributions in aid of construction costs — — 124 — — 124 Proceeds from asset sales — — 1,234 — — 1,234 Other, net — — — — — — Net cash used in investing activities (31,626 ) — (49,224 ) — 29,999 (50,851 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 216,700 — — — — 216,700 Repayments on senior secured credit facility (284,900 ) — — — — (284,900 ) Debt issuance costs — — — — — — Intercompany transfers — — (104,276 ) (5,066 ) 109,342 — Issuance of common units for cash, net 140,968 — 140,968 — (140,968 ) 140,968 Distributions to common unitholders (83,765 ) — (83,765 ) — 83,765 (83,765 ) Distributions to noncontrolling interest — — — — — — Other, net — — 4,552 3,525 (3,525 ) 4,552 Net cash provided by financing activities (10,997 ) — (42,521 ) (1,541 ) 48,614 (6,445 ) Net decrease in cash and cash equivalents — — 3,278 466 — 3,744 Cash and cash equivalents at beginning of period 6 — 6,360 663 — 7,029 Cash and cash equivalents at end of period $ 6 $ — $ 9,638 $ 1,129 $ — $ 10,773 |
Recent Accounting Developments
Recent Accounting Developments (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | Recent Accounting Developments Recently Issued We have adopted guidance under ASC Topic 606, Revenue from Contracts with Customers, and all related ASUs (collectively "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of adoption. The adoption date for our material equity method investment in the Poseidon Oil Pipeline Company, LLC will follow the non-public business entity adoption date of January 1, 2019 for its stand-alone financial statements. Refer to Note 3 for further details. 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 have adopted this guidance as of January 1, 2018 using the retrospective transition method to each period presented on the Consolidated Statements of Cash Flows. We reclassified $3.6 million from operating cash flows to investing cash flows for the three months ended March 31, 2017. In January 2017, the FASB issued guidance to simplify the goodwill impairment testing at annual or interim periods. The guidance eliminates Step 2 from the goodwill impairment testing process, and any identified impairment charge would be simplified to be the difference between the carrying value and fair value of a reporting unit, but would not exceed the total amount of goodwill allocated to the reporting unit in question. The guidance is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019, with early adoption permitted. We early adopted this guidance and it did not have an impact on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715). ASU 2017-07 requires employers to separate the service cost component from the other components of net benefit cost in the period. The new standard requires the other components of net benefit costs (excluding service costs), be reclassified to "Other expense" from "General and administrative." We adopted this standard as of January 1, 2018. This standard is applied retrospectively. The effect was not material to our financial statements. |
Revenue Recognition | The effects of changes pursuant to ASC 606 in the tables above are attributable to our offshore pipeline transportation services operating segment and our sodium minerals and sulfur services operating segment. In our offshore pipeline transportation services segment, we have certain contracts with customers that contain tiered pricing structures that are dependent upon reaching certain cumulative milestones of throughput volumes on our pipelines. In addition, we have a contract that contains fixed and variable consideration for us to stand ready and provide reservation capacity for a fixed minimum quantity on our pipeline. Pursuant to the new guidance, we have allocated our estimated total transaction price over the life of the contract to the related performance obligation and recognized the effects in our Consolidated Financial Statements. In our sodium minerals and sulfur services operating segment, specifically our legacy refinery services business, we have two distinct performance obligations, including the completion of our refinery sulfur removal process, for which we receive in-kind consideration, and our sale of NaHS to our customers. Due to this, we have recorded revenue and the related cost of sales in the Consolidated Financial Statements for the three months ended March 31, 2018 (the "2018 Quarter") for services performed for the in-kind consideration for our services. Revenue Recognition Adoption of ASC 606 and its related Transition effects The modified retrospective method of adoption required us to apply the new revenue standard to all new revenue contracts entered into after January 1, 2018 and revenue contracts that were not completed as of January 1, 2018. Our consolidated revenues for periods prior to January 1, 2018 were not revised and the cumulative effect of our adoption of ASC 606 was recorded as an adjustment to partners' capital at January 1, 2018. Transaction Price Allocations to Future Performance Obligations We are required to disclose the amount of our transaction prices that are allocated to future unrecognized performance obligations as of March 31, 2018. However, ASC 606 does provide the following practical expedients and exemptions that we utilized: 1) Performance obligations are part of a contract with an expected duration of one year or less; 2) Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and 3) Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series. We apply these practical expedients and exceptions to our revenue streams recognized over time. The majority of our contracts qualify for one of these expedients or exceptions. After considering these practical expedients and identifying the remaining contract types that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. As it relates to our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long term period. Therefore, we have allocated our remaining contract value (as estimated and discussed above) to future periods. As of March 31, 2018 have an estimated aggregate transaction price allocated to unsatisfied performance obligations of $379.9 million for our offshore transportation segment. Similarly, in our marine transportation segment, our contract related to our M/T American Phoenix contains minimum fixed consideration over the life of the contract, which ends in September 2020. The estimated aggregate transaction price allocated to unsatisfied performance obligations is $67.5 million as of March 31, 2018. In our onshore facilities and transportation segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets. These fixed minimum billings totaling $202.7 million will be recognized over their remaining contract period as shown below. The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for the revenue streams described in more detail below. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time, for delivery of products. Fee-based Revenues We provide a variety of fee-based transportation and logistics services to our customers across several of our reportable segments as outlined below. Offshore Pipeline Transportation Revenue from our offshore pipelines is generally based upon a fixed fee per unit of volume (typically per Mcf of natural gas or per barrel of crude oil) gathered, transported, or processed multiplied by the volume delivered. Fees are based either on contractual arrangements or tariffs regulated by the FERC. Revenue associated with these fee-based services is recognized as volumes are delivered over the performance obligation period. In addition to the offshore pipeline transportation revenue discussed above, we also have certain contracts with customers in which we earn either demand-type fees or firm capacity reservation fees. These fees are charged to a customer regardless of the volume the customer actually delivers to the platform or through the pipeline. These contracts include a single performance obligation to stand ready, on a monthly basis, to provide capacity on our assets. In addition to these offshore pipeline transportation services revenue streams, we also have certain customer contracts in which the transportation fee has a tiered pricing structure based on cumulative milestones of throughput on the related pipeline asset and contract, or on a specified date. The performance obligation for these contracts is to transport, gather or process commodity volumes for the customer based on firm (stand ready) service or from monthly nominations made by our customers, which can also be on an interruptible basis. While our transportation rate changes when milestones are achieved for certain cumulative throughput, the performance obligation satisfied by us does not change throughout the life of the contract. Therefore revenue is recognized on an average rate basis throughout the life of the contract. We have estimated the total consideration to be received under the contract beginning at the contract inception date based on the estimated volumes (including certain minimum volumes we are required to stand ready for), price indexing, estimated production or contracted volumes, and the contract period. We have constrained the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. These estimates will be reassessed at each reporting period as required. Billings to our customers are reflected at the contract rate. This variability between the consideration received from our customers from invoicing compared to the revenue recognized creates a contract asset or liability. In circumstances where the estimated average contract rate is less than the billed current price tier in the contract, we will recognize a contract liability. In circumstances where the estimated average contract rate is higher than the billed current price tier in the contract, we will recognize a contract asset. Onshore Facilities and Transportation Within our onshore facilities and transportation segment, we provide our customers with pipeline transportation, terminalling services, and rail loading/unloading services, among others, primarily on a per barrel fee basis. Revenues from contracts for the transportation of crude oil by our pipelines are based on actual volumes at a published tariff and some contain minimum throughput provisions which reset within one year. We recognize revenues for transportation and other services over the performance obligation period, which is the contract term. Revenues for both firm and interruptible transportation and other services are recognized when product is delivered to the agreed upon delivery point or at the point of receipt because they specifically relate to our efforts to transfer the distinct services. Service contracts contain a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over the contract period, and therefore qualify as a single performance obligation that is satisfied over time. The customer receives and consumes the benefit of our services simultaneous with the provision of those services. Pricing for our services is determined through a variety of mechanisms, including specified contract pricing or regulated tariff pricing. Consideration to be received by us under these contracts is variable, as the volume of the commodity to be transported is unknown at contract inception. At the end of a day or month (as specified in the contract), both the price and volume are known (or “fixed”) in order to allow us to accurately calculate the amount of consideration we are entitled to invoice. The measurement of these services and invoicing occurs on a monthly basis. Pipeline Loss Allowances In order to compensate us for bearing the risk of volumetric losses of crude oil in transit in our pipelines (for our onshore and offshore pipelines) due to temperature, crude quality, and the inherent difficulties of measurement of liquids in a pipeline, our tariffs and agreements include the right for us to make volumetric deductions from the customer for quality and volumetric fluctuations. We refer to these deductions as pipeline loss allowances ("PLA"). We compare these allowances to the actual volumetric gains and losses of the pipeline and the net gain or loss is recorded as revenue or a reduction of revenue. As the allowance is related to our pipeline transportation services, the performance obligation is the obligation to transport and deliver the barrels and is considered a single obligation. When net gains occur, we have crude oil inventory. When net losses occur, we reduce any recorded inventory on hand and record a liability for the purchase of crude oil required to replace the lost volumes. Under ASC 606, we record excess oil as non-cash consideration at the lower of the recorded value or the market value and include this amount in the transaction price. The crude oil in inventory can then be sold at current prevailing market prices, resulting in additional revenue if the sales price exceeds the inventory value when control transfers to the customer. Marine Transportation Our marine transportation business consists of revenues from the inland and offshore marine transportation of heavy refined petroleum products, asphalt and crude oil, using our barges or vessels. This revenue is recognized over the passage of time of individual trips as determined on an individual contract basis. Revenue from these contracts is typically based on a set day-rate or a set fee per cargo movement. The costs of fuel and certain other operational costs may be directly reimbursed by the customer, if stipulated in the contract. A performance obligation is driven by providing transportation services using our vessels for a single day either under a term or spot based contract. The transaction price is usually fixed per the contract either as a day rate or as a lump sum to be allocated over days required to complete the service. Revenue is recognizable as the transportation service utilizing our vessels occurs, as the customer simultaneously receives and consumes these services as they are provided. If provided in the contract, certain items such as fuel or operational costs can be rebilled to the customer in the same period in which the costs are incurred. In the event timing of a trip to provide our services crosses a reporting period under a lump sum fee contract, the revenue earned is accrued based on the progress completed in the current period on the related performance obligation as we are entitled to payment for each day. Customer invoicing occurs at the completion of a trip, or earlier at the customer’s request. Product Sales Sodium Minerals and Sulfur Services Product sales in our sodium minerals and sulfur services segment primarily involve the sales of caustic soda, NaHS, soda ash and other alkali products. As it relates to revenue recognition, these sales transactions contain a single performance obligation, which is the delivery of the product to the customer at the agreed upon point of sale. For some transactions, control of product transfers to the customer at the shipping point, but we are obligated to arrange for shipment of the product as directed by the customer. Rather than treat these shipping activities as separate performance obligations, our policy is to account for them as fulfillment costs in accordance with ASC 606. The transaction price for these product sales are determined by specific contracts, typically at a fixed rate or based on a market or indexed rate. This pricing is known, or is “fixed,” at the time of revenue recognition. Invoicing and related payment terms are in accordance with industry standard or contract specification based on final pricing. The entirety of the transaction price is allocated to the performance obligation which is delivery of the product at the agreed upon point of sale. As this type of revenue is earned at a point in time, there is no allocation of transaction price to future performance obligations. Onshore Facilities and Transportation Product sales in our onshore facilities and transportation segment primarily involve the sales of crude oil and petroleum products. These contracts contain a single performance obligation, which is the delivery of the product to the customer at a specified location. These contracts are settled on a monthly basis for term contracts, or on a spot basis. Invoicing and related payment terms are in accordance with industry standard or contract specification based on final pricing. Pricing is designated within the contracts and is either fixed, index-based or formulaic, utilizing an average price for the month or for a specified range of days, regardless of when delivery occurs. In either case, pricing is known at the time of invoicing. The entirety of the consideration is allocated to a single performance obligation which is delivery of the product to a specified location. As this type of revenue is earned at a point in time, there is no allocation of transaction price to future performance obligations. Refinery Services Our refinery services business primarily provides sulfur extraction services to refiners’ high sulfur (or “sour”) gas streams that the refineries have generated from crude oil processing operations. Our process applies our proprietary technology, which uses caustic soda to act as a scrubbing agent under prescribed temperature and pressure to remove sulfur. The technology returns a clean (sulfur-free) hydrocarbon stream to the refinery for further processing into refined products, and simultaneously produces NaHS. Units of NaHS are produced ratably as a gas stream is processed. We obtain control and ownership of the NaHS immediately upon production which constitutes the sole consideration received for our sulfur removal services. We later market this product to third parties as part of our product sales, as described above. As part of some of our arrangements, we pay a refinery access fee (“RSA fee”) for any benefits received by virtue of our plant’s proximity to the customer’s refinery. Our RSA fee is recorded as a reduction of revenue. Providing sulfur removal services is the singular performance obligation in our refinery service agreements. As our customers simultaneously receive and consume the refinery service benefits, control is transferred and revenue is recognized over time based on the extent of progress towards completion of the performance obligations. We use units of NaHS produced during a period to measure progress as the amount we receive corresponds directly with the efforts to provide our services completed to date. The transaction price for each performance obligation is determined using the fair value of a unit of NaHS on the contract inception date for each refinery services agreement. Accordingly, we record the value of NaHS received as non cash consideration in inventory until it is subsequently sold to our customers (see Product Sales, above). |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of Impact on Balance Sheet and Operating Income | Adoption of ASC 606 and its related Transition effects The modified retrospective method of adoption required us to apply the new revenue standard to all new revenue contracts entered into after January 1, 2018 and revenue contracts that were not completed as of January 1, 2018. Our consolidated revenues for periods prior to January 1, 2018 were not revised and the cumulative effect of our adoption of ASC 606 was recorded as an adjustment to partners' capital at January 1, 2018. Based on this application, the following adjustments were made to our consolidated balance sheet as of January 1, 2018: December 31, 2017 Adjustments January 1, 2018 ASSETS Accounts receivable- trade, net $ 495,449 $ (48,028 ) $ 447,421 Inventories 88,653 5,138 93,791 Other assets, net of amortization 56,628 59,204 115,832 LIABILITIES AND CAPITAL Other long-term liabilities 256,571 19,864 276,435 Partners' capital 2,026,147 (3,550 ) 2,022,597 The tables below summarize the impact of adoption on our unaudited condensed consolidated balance sheet and statement of operations as of and for the three months ended March 31, 2018: As of March 31, 2018 Unaudited Condensed Consolidated Balance Sheet As Reported Without adoption of ASC 606 Effect of Change Increase/(Decrease) ASSETS Accounts receivable-trade, net 419,903 472,116 (52,213 ) Inventories 95,667 92,628 3,039 Other Assets, net of amortization 116,190 51,948 64,242 LIABILITIES AND CAPITAL Other Long-Term Liabilities 290,401 268,832 21,569 Partners' Capital 1,951,590 1,958,091 (6,501 ) Three months ended March 31, 2018 Unaudited Condensed Consolidated Statement of Operations As Reported Without adoption of ASC 606 Effect of Change Increase/(Decrease) Offshore pipeline transportation services 73,260 74,111 (851 ) Sodium minerals and sulfur services 285,910 263,965 21,945 Marine transportation 48,929 48,929 — Onshore facilities and transportation 317,709 317,709 — Total revenues 725,808 704,714 21,094 Onshore facilities and transportation product costs 277,818 277,818 — Onshore facilities and transportation operating costs 22,295 22,295 — Marine transportation operating costs 37,847 37,847 — Sodium minerals and sulfur services operating costs 223,498 199,454 24,044 Offshore pipeline transportation operating costs 18,340 18,340 — OPERATING INCOME 59,081 62,032 (2,951 ) |
Schedule of Disaggregation of Revenue | The following table reflects the disaggregation of our revenues by major category for the three months ended March 31, 2018: Period ended March 31, 2018 Onshore Facilities & Transportation Sodium Minerals & Sulfur Services Offshore Pipeline Transportation Marine Transportation Consolidated Fee-based revenues 30,338 — 73,260 48,929 152,527 Product Sales 287,371 263,965 — — 551,336 Refinery Services — 21,945 — — 21,945 $ 317,709 $ 285,910 $ 73,260 $ 48,929 $ 725,808 |
Schedule of Contract Asset and Liabilities Balances Activity | The table below depicts our contract asset and liability balances and related activity from January 1, 2018 to March 31, 2018: Contract Assets Contract Liabilities Non-Current Non-Current Balance at January 1, 2018 59,204 19,864 Balance at March 31, 2018 64,240 21,570 |
Schedule of Revenue Expected to be Recognized in Future Periods | The following chart depicts how we expect to recognize revenues for future periods related to these contracts: Offshore Pipeline Transportation Marine Transportation Onshore Facilities and Transportation Remainder of 2018 $ 63,672 $ 20,350 $ 49,773 2019 73,918 27,010 66,267 2020 50,883 20,128 60,689 2021 34,261 — 21,714 2022 22,558 — 4,283 Thereafter 134,623 — — Total $ 379,915 $ 67,488 $ 202,726 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
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 March 31, 2018 Revenues 208,549 Net income 31,740 |
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 our Alkali Business acquisition been completed on January 1, 2017 . Pro forma net income includes the effects of distributions on our preferred units and interest expense on incremental borrowings. The dilutive effect of our preferred units is calculated using the if-converted method. Three Months Ended 2017 Pro forma consolidated financial operating results: Revenues $ 606,100 Net Income Attributable to Genesis Energy, L.P. 36,490 Net Income Available to Common Unitholders 20,083 Basic and diluted earnings per common unit: As reported net income per common unit $ 0.23 Pro forma net income per common unit $ 0.17 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Components of Inventories | The major components of inventories were as follows: March 31, December 31, Petroleum products $ 20,048 $ 8,731 Crude oil 25,133 29,873 Caustic soda 5,016 5,755 NaHS 9,655 8,277 Raw materials - Alkali operations 4,648 4,550 Work-in-process - Alkali operations 9,747 7,355 Finished goods, net - Alkali operations 10,914 14,075 Materials and supplies, net - Alkali operations 10,498 10,030 Other 8 7 Total $ 95,667 $ 88,653 |
Fixed Assets and Mineral Leas30
Fixed Assets and Mineral Leaseholds (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Schedule of Fixed Assets | Fixed assets consisted of the following: March 31, December 31, Crude oil pipelines and natural gas pipelines and related assets $ 3,081,841 $ 3,028,657 Alkali facilities, machinery, and equipment 499,539 497,601 Onshore facilities, machinery, and equipment 725,217 692,364 Transportation equipment 21,468 21,483 Marine vessels 934,315 918,953 Land, buildings and improvements 224,055 223,186 Office equipment, furniture and fixtures 18,162 18,112 Construction in progress 96,800 151,768 Other 51,483 48,891 Fixed assets, at cost 5,652,880 5,601,015 Less: Accumulated depreciation (802,261 ) (734,986 ) Net fixed assets $ 4,850,619 $ 4,866,029 |
Schedule of Mineral Leaseholds | Our Mineral Leaseholds, as relating to our recently acquired Alkali Business, consist of the following: March 31, December 31, Mineral leaseholds 566,019 566,019 Less: Accumulated depletion (2,650 ) (1,513 ) Mineral leaseholds, net $ 563,369 $ 564,506 |
Schedule of Depreciation and Depletion Expense | Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended 2018 2017 Depreciation expense $ 68,428 $ 49,924 Depletion expense 1,137 — |
Schedule of Change in Asset Retirement Obligation | The following table presents information regarding our AROs since December 31, 2017 : ARO liability balance, December 31, 2017 $ 198,187 Accretion expense 2,718 Change in estimate 1,163 Settlements (2,836 ) ARO liability balance, March 31, 2018 $ 199,232 |
Schedule of Forecast of Accretion Expense of Asset Retirement Obligations | With respect to our AROs, the following table presents our forecast of accretion expense for the periods indicated: Remainder of 2018 $ 8,264 2019 $ 9,908 2020 $ 8,743 2021 $ 9,337 2022 $ 9,972 |
Equity Investees (Tables)
Equity Investees (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of 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 2018 2017 Genesis’ share of operating earnings $ 14,514 $ 15,277 Amortization of excess purchase price (3,942 ) (3,942 ) Net equity in earnings $ 10,572 $ 11,335 Distributions received $ 19,629 $ 20,625 |
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): March 31, December 31, BALANCE SHEET DATA: Assets Current assets $ 13,626 $ 18,711 Fixed assets, net 213,472 217,343 Other assets 1,123 1,203 Total assets $ 228,221 $ 237,257 Liabilities and equity Current liabilities $ 17,846 $ 17,560 Other liabilities 235,834 237,434 Equity (25,459 ) (17,737 ) Total liabilities and equity $ 228,221 $ 237,257 |
Schedule of Operations for Equity Investees | Three Months Ended 2018 2017 INCOME STATEMENT DATA: Revenues $ 28,944 $ 28,905 Operating income $ 20,347 $ 20,787 Net income $ 18,578 $ 19,435 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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: March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Sodium minerals and sulfur services: Customer relationships $ 94,654 $ 93,033 $ 1,621 $ 94,654 $ 92,493 $ 2,161 Licensing agreements 38,678 37,066 1,612 38,678 36,528 2,150 Non-compete agreement 800 156 644 800 89 711 Segment total 134,132 130,255 3,877 134,132 129,110 5,022 Onshore Facilities & Transportation: Customer relationships 35,430 35,093 337 35,430 35,082 348 Intangibles associated with lease 13,260 5,051 8,209 13,260 4,933 8,327 Segment total 48,690 40,144 8,546 48,690 40,015 8,675 Marine contract intangibles 27,000 13,050 13,950 27,000 11,700 15,300 Offshore pipeline contract intangibles 158,101 22,190 135,911 158,101 20,109 137,992 Other 30,684 14,213 16,471 28,900 13,483 15,417 Total $ 398,607 $ 219,852 $ 178,755 $ 396,823 $ 214,417 $ 182,406 |
Schedule of Amortization Expense | Our amortization of intangible assets for the periods presented was as follows: Three Months Ended 2018 2017 Amortization of intangible assets $ 5,433 $ 5,872 |
Schedule of Expected Amortization Expense | We estimate that our amortization expense for the next five years will be as follows: Remainder of 2018 $ 16,475 2019 $ 16,914 2020 $ 16,661 2021 $ 11,080 2022 $ 10,695 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Obligations Under Debt Arrangements | Our obligations under debt arrangements consisted of the following: March 31, 2018 December 31, 2017 Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Senior secured credit facility $ 1,279,000 $ — $ 1,279,000 $ 1,099,200 $ — $ 1,099,200 5.750% senior unsecured notes due February 2021 — — — 145,170 1,303 143,867 6.750% senior unsecured notes due August 2022 750,000 15,257 734,743 750,000 16,077 733,923 6.000% senior unsecured notes due May 2023 400,000 5,424 394,576 400,000 5,691 394,309 5.625% senior unsecured notes due June 2024 350,000 5,493 344,507 350,000 5,717 344,283 6.500% senior unsecured notes due October 2025 550,000 9,157 540,843 550,000 9,462 540,538 6.250% senior unsecured notes due May 2026 450,000 7,920 442,080 450,000 8,002 441,998 Total long-term debt $ 3,779,000 $ 43,251 $ 3,735,749 $ 3,744,370 $ 46,252 $ 3,698,118 (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 $13.1 million and $14.1 million as of March 31, 2018 and December 31, 2017, respectively. |
Partners' Capital, Mezzanine 34
Partners' Capital, Mezzanine Equity and Distributions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Partners' Capital and Distributions [Abstract] | |
Schedule of Paid Distributions | We paid or will pay the following distributions to our common unitholders in 2017 and 2018 : Distribution For Date Paid Per Unit Amount Total Amount 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 $ 0.5000 $ 61,290 4 th Quarter February 14, 2018 $ 0.5100 $ 62,515 2018 1 st Quarter May 15, 2018 (1) $ 0.5200 $ 63,741 (1) This distribution will be paid to unitholders of record as of May 1, 2018 . |
Schedule of Changes in Preferred Stock Units | The following table shows the change in our preferred units from December 31, 2017 to March 31, 2018: As of March 31, Mezzanine Capital Balance 2018 Balance as of December 31, 2017 697,151 Distribution paid-in-kind 16,527 Allocation of Distribution paid in-kind to Preferred Distribution Rate Reset Election ( Note 16 ) (991 ) Balance as of March 31, 2018 712,687 Three months ended March 31, Number of Class A Convertible Preferred Units 2018 Balance as of December 31, 2017 22,411,728 Distribution paid-in-kind 490,252 Balance as of March 31, 2018 22,901,980 |
Net Income Per Common Unit (Tab
Net Income Per Common Unit (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 2018 2017 Net Income Attributable to Genesis Energy L.P. $ 8,034 $ 27,090 Less: Accumulated distributions attributable to Class A Convertible Preferred Units (16,888 ) — Net Income (loss) Available to Common Unitholders $ (8,854 ) $ 27,090 Weighted Average Outstanding Units 122,579 118,388 Basic and Diluted Net Income (loss) per Common Unit $ (0.07 ) $ 0.23 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 Onshore Facilities & Transportation Marine Transportation Total Three Months Ended March 31, 2018 Segment Margin (a) $ 73,173 $ 64,391 $ 21,689 $ 10,987 $ 170,240 Capital expenditures (b) $ 654 $ 9,699 $ 23,289 $ 10,865 44,507 Revenues: External customers $ 73,260 $ 287,403 $ 320,215 $ 44,930 725,808 Intersegment (c) — (1,493 ) (2,506 ) 3,999 — Total revenues of reportable segments $ 73,260 $ 285,910 $ 317,709 $ 48,929 $ 725,808 Three Months Ended March 31, 2017 Segment Margin (a) $ 87,089 $ 17,496 $ 21,097 $ 12,963 $ 138,645 Capital expenditures (b) $ 2,239 $ 513 $ 46,702 $ 9,533 58,987 Revenues: External customers $ 85,405 $ 47,271 $ 234,611 $ 48,204 415,491 Intersegment (c) (277 ) (2,225 ) 404 2,098 — Total revenues of reportable segments $ 85,128 $ 45,046 $ 235,015 $ 50,302 $ 415,491 Total assets by reportable segment were as follows: March 31, December 31, Offshore pipeline transportation $ 2,472,742 $ 2,486,803 Sodium minerals and sulfur services 1,842,607 1,848,188 Onshore facilities and transportation 1,916,102 1,927,976 Marine transportation 819,057 824,777 Other assets 59,328 49,737 Total consolidated assets 7,109,836 7,137,481 (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 2018 2017 Total Segment Margin $ 170,240 $ 138,645 Corporate general and administrative expenses (10,460 ) (8,327 ) Depreciation, depletion, amortization and accretion (78,008 ) (58,395 ) Interest expense (56,136 ) (36,739 ) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (9,057 ) (9,290 ) Non-cash items not included in Segment Margin (6,137 ) 437 Cash payments from direct financing leases in excess of earnings (1,839 ) (1,667 ) Loss on extinguishment of debt (3,339 ) — Differences in timing of cash receipts for certain contractual arrangements (2) 3,331 2,681 Non-cash provision for leased items no longer in use (186 ) — Income tax expense (375 ) (255 ) Net income attributable to Genesis Energy, L.P. $ 8,034 $ 27,090 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) |
Transactions with Related Par37
Transactions with Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule Of Transactions with Related Parties | Receivables from ANSAC as of March 31, 2018 and December 31, 2017 are as follows: March 31, December 31, 2018 2017 Receivables: ANSAC $ 71,276 $ 74,490 Payables: ANSAC $ 1,970 $ 1,223 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 2018 2017 Revenues: Sales of CO 2 to Sandhill Group, LLC (1) $ 543 $ 677 Revenues from services and fees to Poseidon Oil Pipeline Company, LLC (2) 3,200 3,022 Revenues from product sales to ANSAC 90,796 — Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 Charges for services from Poseidon Oil Pipeline Company, LLC (2) 249 241 Charges for services from ANSAC 1,778 — (1) We own a 50% interest in Sandhill Group, LLC. (2) We own 64% interest in Poseidon Oil Pipeline Company, LLC. |
Supplemental Cash Flow Inform38
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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. Three Months Ended 2018 2017 (Increase) decrease in: Accounts receivable $ 27,368 $ 9,169 Inventories (4,469 ) 6,009 Deferred charges (4,161 ) (348 ) Other current assets (7,694 ) (4,605 ) Increase (decrease) in: Accounts payable 94 (17,305 ) Accrued liabilities (14,920 ) (21,988 ) Net changes in components of operating assets and liabilities (3,782 ) (29,068 ) |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At March 31, 2018 , 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) 243 — Weighted average contract price per bbl $ 62.41 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 283 145 Weighted average contract price per bbl $ 63.92 $ 64.68 Natural gas swaps: Contract volumes (10,000 MMBTU) 275 — Weighted average price differential per MMBTU $ 0.61 $ — Natural gas futures: Contract volumes (10,000 MMBTU) 35 275 Weighted average contract price per MMBTU $ 2.74 $ 2.83 Diesel futures: Contract volumes (1,000 bbls) 6 — Weighted average contract price per bbl $ 1.94 $ — NYM RBOB Gas futures: Contract volumes (42,000 gallons) 24 16 Weighted average contract price per gallon $ 1.97 $ 1.94 Fuel oil futures: Contract volumes (1,000 bbls) 397 40 Weighted average contract price per bbl $ 54.55 $ 54.03 Crude oil options: Contract volumes (1,000 bbls) 70 20 Weighted average premium received $ 1.16 $ 0.29 |
Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value gain (loss) position of our derivatives at March 31, 2018 and December 31, 2017 : Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value March 31, December 31, Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 394 $ 505 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (394 ) (505 ) 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 $ 34 $ 54 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (34 ) (54 ) 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 (48,106 ) (45,209 ) Natural Gas Swap (undesignated hedge) Current Liabilities - Accrued Liabilities (358 ) — Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (1,001 ) $ (1,203 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,001 1,203 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) $ (646 ) $ (863 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 646 338 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ (525 ) (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 10 and Note 16 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 2018 2017 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ (1,366 ) $ 6,286 Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs, sodium minerals and sulfur services operating costs (332 ) 1,093 Total commodity derivatives $ (1,698 ) $ 7,379 Natural Gas Swap Liability Sodium minerals and sulfur services operating costs $ (275 ) $ — Preferred Distribution Rate Reset Election Other expense $ (1,906 ) $ — |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 . Fair Value at Fair Value at March 31, 2018 December 31, 2017 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 428 $ — $ — $ 559 $ — $ — Liabilities $ (1,647 ) $ (358 ) $ — $ (2,066 ) $ — $ — Preferred Distribution Rate Reset Election $ — $ — $ (48,106 ) $ — $ — $ (45,209 ) |
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 March 31, 2018 Balance as of December 31, 2017 (45,209) Net Loss for the period included in earnings (1,906) Allocation of Distribution Paid-in-kind (991) Balance as of March 31, 2018 (48,106) |
Condensed Consolidating Finan41
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 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 $ — $ 14,677 $ 1,409 $ — $ 16,092 Other current assets 25 — 551,885 12,137 (45 ) 564,002 Total current assets 31 — 566,562 13,546 (45 ) 580,094 Fixed assets, at cost — — 5,575,295 77,585 — 5,652,880 Less: Accumulated depreciation — — (774,919 ) (27,342 ) — (802,261 ) Net fixed assets — — 4,800,376 50,243 — 4,850,619 Mineral Leaseholds — — 563,369 — — 563,369 Goodwill — — 325,046 — — 325,046 Other assets, net 13,083 — 438,693 124,242 (157,803 ) 418,215 Advances to affiliates 3,799,305 — — 89,334 (3,888,639 ) — Equity investees — — 372,493 — — 372,493 Investments in subsidiaries 2,693,391 — 83,624 — (2,777,015 ) — Total assets $ 6,505,810 $ — $ 7,150,163 $ 277,365 $ (6,823,502 ) $ 7,109,836 LIABILITIES AND CAPITAL Current liabilities $ 57,677 $ — $ 348,421 $ 10,137 $ (545 ) $ 415,690 Senior secured credit facility 1,279,000 — — — — 1,279,000 Senior unsecured notes 2,456,749 — — — — 2,456,749 Deferred tax liabilities — — 12,138 — — 12,138 Advances from affiliates — — 3,888,239 — (3,888,239 ) — Other liabilities 48,107 — 214,494 185,456 (157,656 ) 290,401 Total liabilities 3,841,533 — 4,463,292 195,593 (4,046,440 ) 4,453,978 Mezzanine Capital: Class A Convertible Preferred Units 712,687 — — — — 712,687 Partners’ capital, common units 1,951,590 — 2,687,475 89,587 (2,777,062 ) 1,951,590 Accumulated other comprehensive loss (1) — — (604 ) — — (604 ) Noncontrolling interests — — — (7,815 ) — (7,815 ) Total liabilities, mezzanine capital and partners’ capital $ 6,505,810 $ — $ 7,150,163 $ 277,365 $ (6,823,502 ) $ 7,109,836 (1) The entire balance and activity within Accumulated Other Comprehensive Income is related to our pension held within our Guarantor Subsidiaries. Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ — $ 8,340 $ 695 $ — $ 9,041 Other current assets 50 — 614,682 12,316 (56 ) 626,992 Total current assets 56 — 623,022 13,011 (56 ) 636,033 Fixed assets, at cost — — 5,523,431 77,584 — 5,601,015 Less: Accumulated depreciation — — (708,269 ) (26,717 ) — (734,986 ) Net fixed assets — — 4,815,162 50,867 — 4,866,029 Mineral Leaseholds — — 564,506 — — 564,506 Goodwill — — 325,046 — — 325,046 Other assets, net 14,083 — 378,371 126,300 (154,437 ) 364,317 Advances to affiliates 3,808,712 — — 85,423 (3,894,135 ) — Equity investees and other investments — — 381,550 — — 381,550 Investments in subsidiaries 2,689,861 — 82,616 — (2,772,477 ) — Total assets $ 6,512,712 $ — $ 7,170,273 $ 275,601 $ (6,821,105 ) $ 7,137,481 LIABILITIES AND CAPITAL Current liabilities $ 46,086 $ — $ 399,017 $ 11,417 $ (256 ) $ 456,264 Senior secured credit facilities 1,099,200 — — — — 1,099,200 Senior unsecured notes 2,598,918 — — — — 2,598,918 Deferred tax liabilities — — 11,913 — — 11,913 Advances from affiliates — — 3,894,027 — (3,894,027 ) — Other liabilities 45,210 — 182,414 183,237 (154,290 ) 256,571 Total liabilities 3,789,414 — 4,487,371 194,654 (4,048,573 ) 4,422,866 Mezzanine Capital: Class A Convertible Preferred Units 697,151 — — — — 697,151 Partners’ capital, common units 2,026,147 — 2,683,506 89,026 (2,772,532 ) 2,026,147 Accumulated other comprehensive loss (1) — — (604 ) — — (604 ) Noncontrolling interests — — — (8,079 ) — (8,079 ) Total liabilities, mezzanine capital and partners’ capital $ 6,512,712 $ — $ 7,170,273 $ 275,601 $ (6,821,105 ) $ 7,137,481 (1) The entire balance and activity within Accumulated Other Comprehensive Income is related to our pension held within our Guarantor Subsidiaries. Unaudited Condensed Consolidating Statement of Operations Three Months Ended March 31, 2018 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 $ — $ — $ 73,260 $ — $ — $ 73,260 Sodium minerals and sulfur services — — 285,097 3,066 (2,253 ) 285,910 Marine transportation — — 48,929 — — 48,929 Onshore facilities and transportation — — 312,874 4,835 — 317,709 Total revenues — — 720,160 7,901 (2,253 ) 725,808 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 299,841 272 — 300,113 Marine transportation costs — — 37,847 — — 37,847 Sodium minerals and sulfur services operating costs — — 223,247 2,504 (2,253 ) 223,498 Offshore pipeline transportation operating costs — — 17,662 678 — 18,340 General and administrative — — 11,674 — — 11,674 Depreciation, depletion and amortization — — 74,630 625 — 75,255 Total costs and expenses — — 664,901 4,079 (2,253 ) 666,727 OPERATING INCOME — — 55,259 3,822 — 59,081 Equity in earnings of subsidiaries 69,592 — 632 — (70,224 ) — Equity in earnings of equity investees — — 10,572 — — 10,572 Interest (expense) income, net (56,314 ) — 3,544 (3,366 ) — (56,136 ) Other expense (5,244 ) — — — — (5,244 ) Income before income taxes 8,034 — 70,007 456 (70,224 ) 8,273 Income tax expense — — (377 ) 2 — (375 ) NET INCOME 8,034 — 69,630 458 (70,224 ) 7,898 Net loss attributable to noncontrolling interest — — — 136 — 136 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 8,034 $ — $ 69,630 $ 594 $ (70,224 ) $ 8,034 Less: Accumulated distributions attributable to Class A Convertible Preferred Units (16,888 ) — — — — $ (16,888 ) NET INCOME(LOSS) AVAILABLE TO COMMON UNIT HOLDERS $ (8,854 ) $ — $ 69,630 $ 594 $ (70,224 ) $ (8,854 ) Unaudited Condensed Consolidating Statement of Operations Three Months Ended March 31, 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 $ — $ — $ 85,128 $ — $ 85,128 Sodium minerals and sulfur services — — 45,034 1,810 (1,798 ) 45,046 Marine transportation — — 50,302 — — 50,302 Onshore facilities and transportation — — 230,070 4,945 — 235,015 Total revenues — — 410,534 6,755 (1,798 ) 415,491 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 214,071 261 — 214,332 Marine transportation costs — — 37,242 — — 37,242 Sodium minerals and sulfur services operating costs — — 27,153 2,009 (1,798 ) 27,364 Offshore pipeline transportation operating costs — — 17,106 762 — 17,868 General and administrative — — 9,976 — — 9,976 Depreciation, depletion and amortization — — 55,487 625 — 56,112 Total costs and expenses — — 361,035 3,657 (1,798 ) 362,894 OPERATING INCOME — — 49,499 3,098 — 52,597 Equity in earnings of subsidiaries 63,809 — (250 ) — (63,559 ) — Equity in earnings of equity investees — — 11,335 — — 11,335 Interest (expense) income, net (36,719 ) — 3,520 (3,540 ) — (36,739 ) Income before income taxes 27,090 — 64,104 (442 ) (63,559 ) 27,193 Income tax (expense) benefit — — (255 ) — — (255 ) NET INCOME 27,090 — 63,849 (442 ) (63,559 ) 26,938 Net loss attributable to noncontrolling interest — — — 152 — 152 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 27,090 $ — $ 63,849 $ (290 ) $ (63,559 ) $ 27,090 Less: Accumulated distributions attributable to Class A Convertible Preferred Units — — — — — — NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 27,090 $ — $ 63,849 $ (290 ) $ (63,559 ) $ 27,090 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 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 $ 18,637 $ — $ 124,180 $ 874 $ (57,363 ) $ 86,328 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (66,051 ) — — (66,051 ) Cash distributions received from equity investees - return of investment — — 9,277 — — 9,277 Acquisitions — — — — — — Intercompany transfers 9,407 — — — (9,407 ) — Repayments on loan to non-guarantor subsidiary — — 1,801 — (1,801 ) — Contributions in aid of construction costs — — — — — — Proceeds from asset sales — — 6 — — 6 Other, net — — — — — — Net cash used in investing activities 9,407 — (54,967 ) — (11,208 ) (56,768 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 333,800 — — — — 333,800 Repayments on senior secured credit facility (154,000 ) — — — — (154,000 ) Proceeds from issuance of senior unsecured notes — — — — — — Repayment of senior unsecured notes (145,170 ) — — — — (145,170 ) Proceeds from issuance of Class A convertible preferred units, net — — — — — — Debt issuance costs (159 ) — — — — (159 ) Intercompany transfers — — (5,496 ) (3,911 ) 9,407 — Issuance of common units for cash, net — — — — — — Distributions to common unitholders (62,515 ) — (62,515 ) — 62,515 (62,515 ) Contributions from noncontrolling interest — — — 400 — 400 Other, net — — 5,135 3,351 (3,351 ) 5,135 Net cash used in financing activities (28,044 ) — (62,876 ) (160 ) 68,571 (22,509 ) Net increase in cash and cash equivalents — — 6,337 714 — 7,051 Cash and cash equivalents at beginning of period 6 — 8,340 695 — 9,041 Cash and cash equivalents at end of period $ 6 $ — $ 14,677 $ 1,409 $ — $ 16,092 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 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 $ 42,623 $ — $ 95,023 $ 2,007 $ (78,613 ) $ 61,040 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (61,292 ) — — (61,292 ) Cash distributions received from equity investees - return of investment — — 9,083 — — 9,083 Investments in equity investees (140,968 ) — — — 140,968 — Acquisitions — — — — — — Intercompany transfers 109,342 — — — (109,342 ) — Repayments on loan to non-guarantor subsidiary — — 1,627 — (1,627 ) — Contributions in aid of construction costs — — 124 — — 124 Proceeds from asset sales — — 1,234 — — 1,234 Other, net — — — — — — Net cash used in investing activities (31,626 ) — (49,224 ) — 29,999 (50,851 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 216,700 — — — — 216,700 Repayments on senior secured credit facility (284,900 ) — — — — (284,900 ) Debt issuance costs — — — — — — Intercompany transfers — — (104,276 ) (5,066 ) 109,342 — Issuance of common units for cash, net 140,968 — 140,968 — (140,968 ) 140,968 Distributions to common unitholders (83,765 ) — (83,765 ) — 83,765 (83,765 ) Distributions to noncontrolling interest — — — — — — Other, net — — 4,552 3,525 (3,525 ) 4,552 Net cash provided by financing activities (10,997 ) — (42,521 ) (1,541 ) 48,614 (6,445 ) Net decrease in cash and cash equivalents — — 3,278 466 — 3,744 Cash and cash equivalents at beginning of period 6 — 6,360 663 — 7,029 Cash and cash equivalents at end of period $ 6 $ — $ 9,638 $ 1,129 $ — $ 10,773 |
Organization and Basis of Pre42
Organization and Basis of Presentation and Consolidation (Details) $ in Thousands | Sep. 01, 2017USD ($) | Mar. 31, 2018USD ($)segment | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) |
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 | $ 0 | $ 0 | ||
6.500% Senior Unsecured Notes Due October 2025 | ||||
Business Acquisition [Line Items] | ||||
Debt issued | $ 550,000 | $ 550,000 | ||
Private Placement | Class A Convertible Preferred Stock Units | ||||
Business Acquisition [Line Items] | ||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ 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 | |||
Alkali Business | Private Placement | Class A Convertible Preferred Stock Units | ||||
Business Acquisition [Line Items] | ||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ 750,000 |
Recent Accounting Development43
Recent Accounting Developments Recent Accounting Developments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in cash flows from operating activities reclassified to investing activities | $ 86,328 | $ 61,040 |
Increase in cash flows from investing activities reclassified from operating activities | $ (56,768) | (50,851) |
Accounting Standards Update 2016-15 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in cash flows from operating activities reclassified to investing activities | (3,600) | |
Increase in cash flows from investing activities reclassified from operating activities | $ 3,600 |
Revenue Recognition (Impact on
Revenue Recognition (Impact on Balance Sheet and Operating Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
ASSETS | ||||
Accounts receivable - trade, net | $ 419,903 | $ 447,421 | $ 495,449 | |
Inventories | 95,667 | 93,791 | 88,653 | |
Other assets, net of amortization | 116,190 | 115,832 | 56,628 | |
LIABILITIES AND CAPITAL | ||||
Other long-term liabilities | 290,401 | 276,435 | 256,571 | |
Partner's capital | 1,951,590 | 2,022,597 | $ 2,026,147 | |
OPERATING INCOME | ||||
Total revenues | 725,808 | |||
Operating Income | 59,081 | $ 52,597 | ||
Offshore Pipeline Transportation | ||||
OPERATING INCOME | ||||
Total revenues | 73,260 | |||
Cost of revenues | 18,340 | |||
Sodium Minerals & Sulfur Services | ||||
OPERATING INCOME | ||||
Total revenues | 285,910 | |||
Cost of revenues | 223,498 | |||
Marine Transportation | ||||
OPERATING INCOME | ||||
Total revenues | 48,929 | |||
Cost of revenues | 37,847 | |||
Onshore Facilities & Transportation | ||||
OPERATING INCOME | ||||
Total revenues | 317,709 | |||
Onshore Facilities & Transportation | Onshore facilities and transportation product costs | ||||
OPERATING INCOME | ||||
Cost of revenues | 277,818 | |||
Onshore Facilities & Transportation | Onshore facilities and transportation operating costs | ||||
OPERATING INCOME | ||||
Cost of revenues | 22,295 | |||
Adjustment/Without adoption of ASC 606 | Accounting Standards Update 2014-09 | ||||
ASSETS | ||||
Accounts receivable - trade, net | 472,116 | |||
Inventories | 92,628 | |||
Other assets, net of amortization | 51,948 | |||
LIABILITIES AND CAPITAL | ||||
Other long-term liabilities | 268,832 | |||
Partner's capital | 1,958,091 | |||
OPERATING INCOME | ||||
Total revenues | 704,714 | |||
Operating Income | 62,032 | |||
Adjustment/Without adoption of ASC 606 | Accounting Standards Update 2014-09 | Offshore Pipeline Transportation | ||||
OPERATING INCOME | ||||
Total revenues | 74,111 | |||
Cost of revenues | 18,340 | |||
Adjustment/Without adoption of ASC 606 | Accounting Standards Update 2014-09 | Sodium Minerals & Sulfur Services | ||||
OPERATING INCOME | ||||
Total revenues | 263,965 | |||
Cost of revenues | 199,454 | |||
Adjustment/Without adoption of ASC 606 | Accounting Standards Update 2014-09 | Marine Transportation | ||||
OPERATING INCOME | ||||
Total revenues | 48,929 | |||
Cost of revenues | 37,847 | |||
Adjustment/Without adoption of ASC 606 | Accounting Standards Update 2014-09 | Onshore Facilities & Transportation | ||||
OPERATING INCOME | ||||
Total revenues | 317,709 | |||
Adjustment/Without adoption of ASC 606 | Accounting Standards Update 2014-09 | Onshore Facilities & Transportation | Onshore facilities and transportation product costs | ||||
OPERATING INCOME | ||||
Cost of revenues | 277,818 | |||
Adjustment/Without adoption of ASC 606 | Accounting Standards Update 2014-09 | Onshore Facilities & Transportation | Onshore facilities and transportation operating costs | ||||
OPERATING INCOME | ||||
Cost of revenues | 22,295 | |||
Effect of Change Increase/(Decrease) | ||||
OPERATING INCOME | ||||
Total revenues | 21,094 | |||
Operating Income | (2,951) | |||
Effect of Change Increase/(Decrease) | Offshore Pipeline Transportation | ||||
OPERATING INCOME | ||||
Total revenues | (851) | |||
Cost of revenues | 0 | |||
Effect of Change Increase/(Decrease) | Sodium Minerals & Sulfur Services | ||||
OPERATING INCOME | ||||
Total revenues | 21,945 | |||
Cost of revenues | 24,044 | |||
Effect of Change Increase/(Decrease) | Marine Transportation | ||||
OPERATING INCOME | ||||
Total revenues | 0 | |||
Cost of revenues | 0 | |||
Effect of Change Increase/(Decrease) | Onshore Facilities & Transportation | ||||
OPERATING INCOME | ||||
Total revenues | 0 | |||
Effect of Change Increase/(Decrease) | Onshore Facilities & Transportation | Onshore facilities and transportation product costs | ||||
OPERATING INCOME | ||||
Cost of revenues | 0 | |||
Effect of Change Increase/(Decrease) | Onshore Facilities & Transportation | Onshore facilities and transportation operating costs | ||||
OPERATING INCOME | ||||
Cost of revenues | 0 | |||
Effect of Change Increase/(Decrease) | Accounting Standards Update 2014-09 | ||||
ASSETS | ||||
Accounts receivable - trade, net | (52,213) | (48,028) | ||
Inventories | 3,039 | 5,138 | ||
Other assets, net of amortization | 64,242 | 59,204 | ||
LIABILITIES AND CAPITAL | ||||
Other long-term liabilities | 21,569 | 19,864 | ||
Partner's capital | $ (6,501) | $ (3,550) |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Total revenues | $ 725,808 |
Transferred over time | Fee-based revenues | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 152,527 |
Transferred over time | Refinery Services | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 21,945 |
Transferred at point in time | Product Sales | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 551,336 |
Onshore Facilities & Transportation | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 317,709 |
Onshore Facilities & Transportation | Transferred over time | Fee-based revenues | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 30,338 |
Onshore Facilities & Transportation | Transferred over time | Refinery Services | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 0 |
Onshore Facilities & Transportation | Transferred at point in time | Product Sales | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 287,371 |
Sodium Minerals & Sulfur Services | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 285,910 |
Sodium Minerals & Sulfur Services | Transferred over time | Fee-based revenues | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 0 |
Sodium Minerals & Sulfur Services | Transferred over time | Refinery Services | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 21,945 |
Sodium Minerals & Sulfur Services | Transferred at point in time | Product Sales | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 263,965 |
Offshore Pipeline Transportation | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 73,260 |
Offshore Pipeline Transportation | Transferred over time | Fee-based revenues | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 73,260 |
Offshore Pipeline Transportation | Transferred over time | Refinery Services | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 0 |
Offshore Pipeline Transportation | Transferred at point in time | Product Sales | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 0 |
Marine Transportation | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 48,929 |
Marine Transportation | Transferred over time | Fee-based revenues | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 48,929 |
Marine Transportation | Transferred over time | Refinery Services | |
Disaggregation of Revenue [Line Items] | |
Total revenues | 0 |
Marine Transportation | Transferred at point in time | Product Sales | |
Disaggregation of Revenue [Line Items] | |
Total revenues | $ 0 |
Revenue Recognition (Contract A
Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract Assets, Non-Current | $ 59,204 | |
Contract Liabilities, Non-Current | $ 19,864 | |
Calculated under Revenue Guidance in Effect before Topic 606 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract Assets, Non-Current | $ 64,240 | |
Contract Liabilities, Non-Current | $ 21,570 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Reset tariff period for transportation contracts | 1 year |
Expected duration of performance obligations | 1 year |
Offshore Pipeline Transportation | Fixed-price Contract | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Estimated aggregate transaction price of unsatisfied performance obligations | $ 379,915 |
Marine Transportation | M/T American Phoenix | Fixed-price Contract | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Estimated aggregate transaction price of unsatisfied performance obligations | 67,488 |
Onshore Facilities & Transportation | Fixed-price Contract | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Estimated aggregate transaction price of unsatisfied performance obligations | $ 202,726 |
Revenue Recognition (Revenue Ex
Revenue Recognition (Revenue Expected to be Recognized in Future Periods) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | $ 63,672 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Marine Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 20,350 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Onshore Facilities & Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 49,773 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 73,918 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Marine Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 27,010 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Onshore Facilities & Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 66,267 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 50,883 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Marine Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 20,128 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Onshore Facilities & Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 60,689 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 34,261 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Marine Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Onshore Facilities & Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 21,714 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 22,558 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Marine Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Onshore Facilities & Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 4,283 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 134,623 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Marine Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Onshore Facilities & Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 379,915 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Marine Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 67,488 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Onshore Facilities & Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | $ 202,726 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Thousands | Sep. 01, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Cash payment to acquire business | $ 0 | $ 0 | ||
Proceeds from issuance of Class A convertible preferred units, net | 0 | |||
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% | ||
Class A Convertible Preferred Stock Units | Private Placement | ||||
Business Acquisition [Line Items] | ||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ 750,000 | |||
Alkali Business | ||||
Business Acquisition [Line Items] | ||||
Cash payment to acquire business | 1,325,000 | |||
Working capital included in cash payment to acquire business | 105,000 | |||
Alkali Business | 6.500% Senior Unsecured Notes Due October 2025 | ||||
Business Acquisition [Line Items] | ||||
Debt issued | $ 550,000 | |||
Senior unsecured notes, stated rate | 6.50% | |||
Proceeds from issuance of unsecured debt | $ 540,100 | |||
Alkali Business | Class A Convertible Preferred Stock Units | Private Placement | ||||
Business Acquisition [Line Items] | ||||
Temporary Equity, Stock Issued During Period, Value, New Issues | 750,000 | |||
Proceeds from issuance of Class A convertible preferred units, net | $ 726,200 |
Acquisition (Selected Financial
Acquisition (Selected Financial Information) (Details) - Alkali Business $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
SelectedFinancialInformation [Line Items] | |
Revenues | $ 208,549 |
Net income | $ 31,740 |
Acquisition (Schedule of Pro Fo
Acquisition (Schedule of Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
As reported net income per unit (in dollars per share) | $ (0.07) | $ 0.23 |
Alkali Business | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenues | $ 606,100 | |
Net Income Attributable to Genesis Energy, L.P. | 36,490 | |
Net Income Available to Common Unitholders | $ 20,083 | |
As reported net income per unit (in dollars per share) | $ 0.23 | |
Pro forma net income per unit (in dollars per share) | $ 0.17 |
Inventories (Major Components o
Inventories (Major Components of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||
Petroleum products | $ 20,048 | $ 8,731 | |
Crude oil | 25,133 | 29,873 | |
Caustic soda | 5,016 | 5,755 | |
NaHS | 9,655 | 8,277 | |
Raw materials - Alkali operations | 4,648 | 4,550 | |
Work-in-process - Alkali operations | 9,747 | 7,355 | |
Finished goods, net - Alkali operations | 10,914 | 14,075 | |
Materials and supplies, net - Alkali operations | 10,498 | 10,030 | |
Other | 8 | 7 | |
Total | $ 95,667 | $ 93,791 | $ 88,653 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | ||
Inventory write-down | $ 0 | $ 0 |
Fixed Assets and Mineral Leas54
Fixed Assets and Mineral Leaseholds (Schedule of Fixed Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fixed assets, at cost | $ 5,652,880 | $ 5,601,015 |
Less: Accumulated depreciation | (802,261) | (734,986) |
Net fixed assets | 4,850,619 | 4,866,029 |
Crude oil pipelines and natural gas pipelines and related assets | ||
Fixed assets, at cost | 3,081,841 | 3,028,657 |
Onshore facilities, machinery, and equipment | ||
Fixed assets, at cost | 725,217 | 692,364 |
Onshore facilities, machinery, and equipment | Alkali Business | ||
Fixed assets, at cost | 499,539 | 497,601 |
Transportation equipment | ||
Fixed assets, at cost | 21,468 | 21,483 |
Marine vessels | ||
Fixed assets, at cost | 934,315 | 918,953 |
Land, buildings and improvements | ||
Fixed assets, at cost | 224,055 | 223,186 |
Office equipment, furniture and fixtures | ||
Fixed assets, at cost | 18,162 | 18,112 |
Construction in progress | ||
Fixed assets, at cost | 96,800 | 151,768 |
Other | ||
Fixed assets, at cost | $ 51,483 | $ 48,891 |
Fixed Assets and Mineral Leas55
Fixed Assets and Mineral Leaseholds (Mineral Leaseholds) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Mineral leaseholds | $ 566,019 | $ 566,019 |
Less: Accumulated depletion | (2,650) | (1,513) |
Mineral leaseholds, net | $ 563,369 | $ 564,506 |
Fixed Assets and Mineral Leas56
Fixed Assets and Mineral Leaseholds (Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||
Depreciation expense | $ 68,428 | $ 49,924 |
Depletion expense | $ 1,137 | $ 0 |
Fixed Assets and Mineral Leas57
Fixed Assets and Mineral Leaseholds (Asset Retirement Obiligation Rollforward) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
ARO liability balance, December 31, 2017 | $ 198,187 |
Accretion expense | 2,718 |
Change in estimate | 1,163 |
Settlements | (2,836) |
ARO liability balance, March 31, 2018 | $ 199,232 |
Fixed Assets and Mineral Leas58
Fixed Assets and Mineral Leaseholds (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Asset Retirement Obligations Details [Line Items] | ||
Asset retirement obligation balance | $ 199,232 | $ 198,187 |
Accrued Liabilities | ||
Asset Retirement Obligations Details [Line Items] | ||
Asset retirement obligation balance | $ 11,800 | $ 20,900 |
Fixed Assets and Mineral Leas59
Fixed Assets and Mineral Leaseholds (Forecast of Accretion Expense) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Remainder of 2018 | $ 8,264 |
2,019 | 9,908 |
2,020 | 8,743 |
2,021 | 9,337 |
2,022 | $ 9,972 |
Equity Investees (Narrative) (D
Equity Investees (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Unamortized excess cost amount | $ 378.4 | $ 382.4 |
Equity Investees (Consolidated
Equity Investees (Consolidated Financial Statements Related to Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Genesis’ share of operating earnings | $ 14,514 | $ 15,277 |
Amortization of excess purchase price | (3,942) | (3,942) |
Net equity in earnings | 10,572 | 11,335 |
Distributions received | $ 19,629 | $ 20,625 |
Equity Investees (Schedule of B
Equity Investees (Schedule of Balance Sheet Information for Equity Investees) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Current assets | $ 13,626 | $ 18,711 |
Fixed assets, net | 213,472 | 217,343 |
Other assets | 1,123 | 1,203 |
Total assets | 228,221 | 237,257 |
Liabilities and equity | ||
Current liabilities | 17,846 | 17,560 |
Other liabilities | 235,834 | 237,434 |
Equity | (25,459) | (17,737) |
Total liabilities and equity | $ 228,221 | $ 237,257 |
Equity Investees (Schedule of O
Equity Investees (Schedule of Operations for Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
INCOME STATEMENT DATA: | ||
Revenues | $ 28,944 | $ 28,905 |
Operating income | 20,347 | 20,787 |
Net income | $ 18,578 | $ 19,435 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Components of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 398,607 | $ 396,823 |
Accumulated Amortization | 219,852 | 214,417 |
Carrying Value | 178,755 | 182,406 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 30,684 | 28,900 |
Accumulated Amortization | 14,213 | 13,483 |
Carrying Value | 16,471 | 15,417 |
Sodium Minerals & Sulfur Services | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 134,132 | 134,132 |
Accumulated Amortization | 130,255 | 129,110 |
Carrying Value | 3,877 | 5,022 |
Sodium Minerals & Sulfur Services | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 94,654 | 94,654 |
Accumulated Amortization | 93,033 | 92,493 |
Carrying Value | 1,621 | 2,161 |
Sodium Minerals & Sulfur Services | Licensing agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 38,678 | 38,678 |
Accumulated Amortization | 37,066 | 36,528 |
Carrying Value | 1,612 | 2,150 |
Sodium Minerals & Sulfur Services | Non-compete agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 800 | 800 |
Accumulated Amortization | 156 | 89 |
Carrying Value | 644 | 711 |
Onshore Facilities & Transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 48,690 | 48,690 |
Accumulated Amortization | 40,144 | 40,015 |
Carrying Value | 8,546 | 8,675 |
Onshore Facilities & Transportation | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 35,430 | 35,430 |
Accumulated Amortization | 35,093 | 35,082 |
Carrying Value | 337 | 348 |
Onshore Facilities & Transportation | Intangibles associated with lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,260 | 13,260 |
Accumulated Amortization | 5,051 | 4,933 |
Carrying Value | 8,209 | 8,327 |
Marine Transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,000 | 27,000 |
Accumulated Amortization | 13,050 | 11,700 |
Carrying Value | 13,950 | 15,300 |
Offshore pipeline transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 158,101 | 158,101 |
Accumulated Amortization | 22,190 | 20,109 |
Carrying Value | $ 135,911 | $ 137,992 |
Intangible Assets (Schedule o65
Intangible Assets (Schedule of Current and Future Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Amortization expense on intangible assets | $ 5,433 | $ 5,872 |
Remainder of 2018 | 16,475 | |
2,019 | 16,914 | |
2,020 | 16,661 | |
2,021 | 11,080 | |
2,022 | $ 10,695 |
Debt (Schedule of Obligations U
Debt (Schedule of Obligations Under Debt Arrangements) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 11, 2017 | Feb. 08, 2013 |
Debt Instrument [Line Items] | ||||
Senior secured credit facility, principal | $ 1,279,000 | $ 1,099,200 | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 43,251 | 46,252 | ||
Senior unsecured notes | 2,456,749 | 2,598,918 | ||
Total long-term debt, principal | 3,779,000 | 3,744,370 | ||
Total long-term debt | 3,735,749 | 3,698,118 | ||
Senior Secured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Unamortized Debt Issuance Expense and Discounts (Premiums) | $ 13,100 | $ 14,100 | ||
5.750% senior unsecured notes due February 2021 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 5.75% | 5.75% | 5.75% | |
Principal | $ 0 | $ 145,170 | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 0 | 1,303 | ||
Senior unsecured notes | $ 0 | $ 143,867 | ||
6.750% senior unsecured notes due August 2022 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 6.75% | 6.75% | ||
Principal | $ 750,000 | $ 750,000 | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 15,257 | 16,077 | ||
Senior unsecured notes | $ 734,743 | $ 733,923 | ||
6.000% senior unsecured notes due May 2023 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 6.00% | 6.00% | ||
Principal | $ 400,000 | $ 400,000 | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 5,424 | 5,691 | ||
Senior unsecured notes | $ 394,576 | $ 394,309 | ||
5.625% senior unsecured notes due June 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 5.625% | 5.625% | ||
Principal | $ 350,000 | $ 350,000 | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 5,493 | 5,717 | ||
Senior unsecured notes | $ 344,507 | $ 344,283 | ||
6.500% senior unsecured notes due October 2025 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 6.50% | 6.50% | ||
Principal | $ 550,000 | $ 550,000 | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 9,157 | 9,462 | ||
Senior unsecured notes | $ 540,843 | $ 540,538 | ||
6.250% senior unsecured notes due May 2026 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 6.25% | 6.25% | 6.25% | |
Principal | $ 450,000 | $ 450,000 | $ 450,000 | |
Unamortized Debt Issuance Expense and Discounts (Premiums) | 7,920 | 8,002 | ||
Senior unsecured notes | 442,080 | 441,998 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Unamortized Debt Issuance Expense and Discounts (Premiums) | $ 0 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Feb. 15, 2018 | Dec. 11, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Feb. 08, 2013 |
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price percentage | 101.438% | |||||
Loss on extinguishment of debt | $ 3,300,000 | $ 3,339,000 | $ 0 | |||
Amended Facility | Accordion Feature | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility aggregate maximum borrowing capacity | $ 2,000,000,000 | |||||
Eurodollar Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||
Letter of credit, fee percentage | 1.50% | |||||
Eurodollar Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Letter of credit, fee percentage | 3.00% | |||||
Alternate Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Letter of credit, fee percentage | 0.50% | |||||
Alternate Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Letter of credit, fee percentage | 2.00% | |||||
Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount outstanding | $ 1,279,000,000 | |||||
Total amount available for borrowings under credit facility | 419,800,000 | |||||
Senior Secured Credit Facility | Letters Of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit, outstanding amount | 1,200,000 | |||||
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 | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 300,000,000 | |||||
Senior Secured Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, unused capacity commitment fee percentage | 0.25% | |||||
Senior Secured Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, unused capacity commitment fee percentage | 0.50% | |||||
Senior Secured Credit Facility | Maximum | Letters Of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit, outstanding amount | $ 100,000,000 | |||||
Senior Secured Credit Facility | Petroleum Products | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount outstanding | $ 40,500,000 | |||||
5.750% senior unsecured notes due February 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes, stated rate | 5.75% | 5.75% | 5.75% | |||
Debt issued | $ 0 | $ 145,170,000 | ||||
Proceeds used to repay unsecured debt principal | $ 204,800,000 | |||||
6.500% Senior Unsecured Notes Due October 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes, stated rate | 6.50% | 6.50% | ||||
Debt issued | $ 550,000,000 | $ 550,000,000 | ||||
6.250% senior unsecured notes due May 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes, stated rate | 6.25% | 6.25% | 6.25% | |||
Debt issued | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | |||
Proceeds from issuance of unsecured debt | $ 441,800,000 |
Partners' Capital, Mezzanine 68
Partners' Capital, Mezzanine Equity and Distributions (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 15, 2018 | Feb. 14, 2018 | Nov. 14, 2017 | Aug. 14, 2017 | May 15, 2017 |
Partners Capital And Distributions [Line Items] | |||||
Date Paid | Feb. 14, 2018 | Nov. 14, 2017 | Aug. 14, 2017 | May 15, 2017 | |
Per Unit Amount (in dollars per unit) | $ 0.5100 | $ 0.5000 | $ 0.7225 | $ 0.7200 | |
Total Amount | $ 62,515 | $ 61,290 | $ 88,563 | $ 88,257 | |
Subsequent Event | Scenario, Forecast | |||||
Partners Capital And Distributions [Line Items] | |||||
Date Paid | May 15, 2018 | ||||
Per Unit Amount (in dollars per unit) | $ 0.5200 | ||||
Total Amount | $ 63,741 |
Partners' Capital, Mezzanine 69
Partners' Capital, Mezzanine Equity and Distributions (Narrative) (Details) $ / shares in Units, $ in Thousands | May 15, 2018$ / sharesshares | Sep. 01, 2017USD ($)$ / sharesshares | Jan. 31, 2018USD ($)shares | Mar. 31, 2018USD ($)shares | Dec. 31, 2017shares |
Temporary Equity [Line Items] | |||||
Partners' capital, units outstanding (in shares) | 122,579,218 | 122,579,218 | |||
Number of convertible preferred units issued (in shares) | 22,901,980 | 22,411,728 | |||
Class A Convertible Preferred Stock Units | |||||
Temporary Equity [Line Items] | |||||
Distribution paid-in-kind | $ | $ 16,500 | $ 16,527 | |||
Distributions paid-in-kind, shares (in shares) | 490,252 | 490,252 | |||
Preferred units, cumulative cash distributions | $ | $ 16,900 | ||||
Private Placement | Class A Convertible Preferred Stock Units | |||||
Temporary Equity [Line Items] | |||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ | $ 750,000 | ||||
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 | ||||
Partners’ Capital | Common Class A | |||||
Temporary Equity [Line Items] | |||||
Partners' capital, units outstanding (in shares) | 122,539,221 | ||||
Partners’ Capital | Common Class B | |||||
Temporary Equity [Line Items] | |||||
Partners' capital, units outstanding (in shares) | 39,997 | ||||
Subsequent Event | Class A Convertible Preferred Stock Units | |||||
Temporary Equity [Line Items] | |||||
Distributions paid-in-kind, shares (in shares) | 500,976 | ||||
Subsequent Event | Class A Convertible Preferred Stock Units | Quarterly Rate | |||||
Temporary Equity [Line Items] | |||||
Stock dividend rate per unit (in dollars per share) | $ / shares | $ 0.7374 | ||||
Subsequent Event | Class A Convertible Preferred Stock Units | In Arrears At Annual Rate | |||||
Temporary Equity [Line Items] | |||||
Stock dividend rate per unit (in dollars per share) | $ / shares | $ 2.9496 |
Partners' Capital, Mezzanine 70
Partners' Capital, Mezzanine Equity and Distributions (Change in Class A Convertible Preferred Units) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Jan. 31, 2018 | Mar. 31, 2018 | |
Mezzanine Capital Balance | ||
Balance as of December 31, 2017 | $ 697,151 | $ 697,151 |
Balance as of March 31, 2018 | $ 712,687 | |
Number of Class A Convertible Preferred Units | ||
Balance as of December 31, 2017 | 22,411,728 | 22,411,728 |
Balance as of March 31, 2018 | 22,901,980 | |
Class A Convertible Preferred Stock Units | ||
Mezzanine Capital Balance | ||
Balance as of December 31, 2017 | $ 697,151 | $ 697,151 |
Distribution paid-in-kind | $ 16,500 | 16,527 |
Allocation of Distribution paid in-kind to Preferred Distribution Rate Reset Election (Note 16) | (991) | |
Balance as of March 31, 2018 | $ 712,687 | |
Number of Class A Convertible Preferred Units | ||
Balance as of December 31, 2017 | 22,411,728 | 22,411,728 |
Distribution paid-in-kind | 490,252 | 490,252 |
Balance as of March 31, 2018 | 22,901,980 |
Net Income Per Common Unit (Det
Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net Income Attributable to Genesis Energy L.P. | $ 8,034 | $ 27,090 |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (16,888) | 0 |
Net Income (loss) Available to Common Unitholders | $ (8,854) | $ 27,090 |
Weighted Average Outstanding Shares (in shares) | 122,579,000 | 118,388,000 |
Basic and Diluted Net Income per Common Unit (in dollars per unit) | $ (0.07) | $ 0.23 |
Alkali Business | ||
Earnings Per Share Reconciliation [Abstract] | ||
Basic and Diluted Net Income per Common Unit (in dollars per unit) | $ 0.23 | |
Class A Convertible Preferred Stock Units | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities not included in computation of dilutive earnings (in shares) | 22,901,980 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business Segment Information (S
Business Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Segment margin | $ 170,240 | $ 138,645 |
Total revenues | 725,808 | 415,491 |
Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 73,260 | 85,128 |
Sodium minerals and sulfur services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 285,910 | 45,046 |
Onshore Facilities & Transportation | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 317,709 | 235,015 |
Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 48,929 | 50,302 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Segment margin | 170,240 | 138,645 |
Capital Expenditures | 44,507 | 58,987 |
External customers | 725,808 | 415,491 |
Operating Segments | Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Segment margin | 73,173 | 87,089 |
Capital Expenditures | 654 | 2,239 |
External customers | 73,260 | 85,405 |
Operating Segments | Sodium minerals and sulfur services | ||
Segment Reporting Information [Line Items] | ||
Segment margin | 64,391 | 17,496 |
Capital Expenditures | 9,699 | 513 |
External customers | 287,403 | 47,271 |
Operating Segments | Onshore Facilities & Transportation | ||
Segment Reporting Information [Line Items] | ||
Segment margin | 21,689 | 21,097 |
Capital Expenditures | 23,289 | 46,702 |
External customers | 320,215 | 234,611 |
Operating Segments | Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Segment margin | 10,987 | 12,963 |
Capital Expenditures | 10,865 | 9,533 |
External customers | 44,930 | 48,204 |
Intersegment | ||
Segment Reporting Information [Line Items] | ||
Intersegment | 0 | 0 |
Intersegment | Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Intersegment | 0 | (277) |
Intersegment | Sodium minerals and sulfur services | ||
Segment Reporting Information [Line Items] | ||
Intersegment | (1,493) | (2,225) |
Intersegment | Onshore Facilities & Transportation | ||
Segment Reporting Information [Line Items] | ||
Intersegment | (2,506) | 404 |
Intersegment | Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Intersegment | $ 3,999 | $ 2,098 |
Business Segment Information 74
Business Segment Information (Schedule of Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 7,109,836 | $ 7,137,481 |
Other assets | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 59,328 | 49,737 |
Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,472,742 | 2,486,803 |
Sodium Minerals & Sulfur Services | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,842,607 | 1,848,188 |
Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 819,057 | 824,777 |
Onshore Facilities & Transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 1,916,102 | $ 1,927,976 |
Business Segment Information (R
Business Segment Information (Reconciliation of Segment Margin to (Loss) Income from Continuing Operations) (Details) - USD ($) $ in Thousands | Feb. 15, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Segment Reporting [Abstract] | |||
Total Segment Margin | $ 170,240 | $ 138,645 | |
Corporate general and administrative expenses | (10,460) | (8,327) | |
Depreciation, depletion, amortization and accretion | (78,008) | (58,395) | |
Interest expense | (56,136) | (36,739) | |
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) | (9,057) | (9,290) | |
Non-cash items not included in Segment Margin | (6,137) | 437 | |
Cash payments from direct financing leases in excess of earnings | (1,839) | (1,667) | |
Loss on extinguishment of debt | $ (3,300) | (3,339) | 0 |
Differences in timing of cash receipts for certain contractual arrangements | 3,331 | 2,681 | |
Non-cash provision for leased items no longer in use | (186) | 0 | |
Income tax expense | (375) | (255) | |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | $ 8,034 | $ 27,090 |
Transactions with Related Par76
Transactions with Related Parties (Schedule of Transactions with Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Sandhill Group LLC | ||
Related Party Transaction [Line Items] | ||
Related party transaction, revenues | $ 543 | $ 677 |
ANSAC | ||
Related Party Transaction [Line Items] | ||
Related party transaction, revenues | 90,796 | 0 |
Related party transaction, costs and expenses | 1,778 | 0 |
Poseidon Oil Pipeline Company | ||
Related Party Transaction [Line Items] | ||
Related party transaction, revenues | 3,200 | 3,022 |
Related party transaction, costs and expenses | 249 | 241 |
Chief Executive Officer | ||
Related Party Transaction [Line Items] | ||
Related party transaction, costs and expenses | $ 165 | $ 165 |
Sandhill Group LLC | ||
Related Party Transaction [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Poseidon Oil Pipeline Company | ||
Related Party Transaction [Line Items] | ||
Equity method investment, ownership percentage | 64.00% |
Transactions with Related Par77
Transactions with Related Parties (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Poseidon Oil Pipeline Company | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 1,800 | $ 2,200 | |
Management Fees Revenue | 2,200 | ||
Revenue from Related Parties | 3,200 | $ 3,022 | |
Related Party Transaction, Expenses from Transactions with Related Party | 249 | 241 | |
ANSAC | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 71,276 | $ 74,490 | |
Revenue from Related Parties | 90,796 | 0 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,778 | $ 0 |
Transactions with Related Par78
Transactions with Related Parties (ANSAC) (Details) - ANSAC - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Receivables | $ 71,276 | $ 74,490 |
Payables | $ 1,970 | $ 1,223 |
Supplemental Cash Flow Inform79
Supplemental Cash Flow Information (Net Changes in Components of Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
(Increase) decrease in: | ||
Accounts receivable | $ 27,368 | $ 9,169 |
Inventories | (4,469) | 6,009 |
Deferred charges | (4,161) | (348) |
Other current assets | (7,694) | (4,605) |
Increase (decrease) in: | ||
Accounts payable | 94 | (17,305) |
Accrued liabilities | (14,920) | (21,988) |
Net changes in components of operating assets and liabilities | $ (3,782) | $ (29,068) |
Supplemental Cash Flow Inform80
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payments of interest and commitment fees | $ 43 | $ 46.7 |
Interest paid, capitalized | 1.4 | 6 |
Incurred liabilities for fixed and intangible asset additions | $ 20.6 | $ 31.6 |
Derivatives (Schedule of Outsta
Derivatives (Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments) (Details) bbl in Thousands | 3 Months Ended |
Mar. 31, 2018bbl$ / bbl$ / units | |
Designated as Hedging Instrument | Sell (Short) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 243 |
Weighted average contract price per bbl | $ / bbl | 62.41 |
Designated as Hedging Instrument | Buy (Long) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 0 |
Weighted average contract price per bbl | $ / bbl | 0 |
Not Designated As Hedging Instrument | Sell (Short) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 283 |
Weighted average contract price per bbl | $ / bbl | 63.92 |
Not Designated As Hedging Instrument | Sell (Short) Contracts | Future | Natural Gas | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 35 |
Weighted average contract price per bbl | $ / bbl | 2.74 |
Not Designated As Hedging Instrument | Sell (Short) Contracts | Future | Diesel Futures | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 6 |
Weighted average contract price per bbl | $ / bbl | 1.94 |
Not Designated As Hedging Instrument | Sell (Short) Contracts | Future | NYM RBOB Gas Futures | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 24 |
Weighted average contract price per bbl | $ / bbl | 1.97 |
Not Designated As Hedging Instrument | Sell (Short) Contracts | Future | Fuel Oil Futures | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 397 |
Weighted average contract price per bbl | $ / bbl | 54.55 |
Not Designated As Hedging Instrument | Sell (Short) Contracts | Swap | Natural Gas | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 275 |
Weighted average contract price per bbl | $ / bbl | 0.61 |
Not Designated As Hedging Instrument | Sell (Short) Contracts | Options | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 70 |
Weighted average premium received | $ / bbl | 1.16 |
Not Designated As Hedging Instrument | Buy (Long) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 145 |
Weighted average contract price per bbl | $ / bbl | 64.68 |
Not Designated As Hedging Instrument | Buy (Long) Contracts | Future | Natural Gas | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 275 |
Weighted average contract price per bbl | $ / bbl | 2.83 |
Not Designated As Hedging Instrument | Buy (Long) Contracts | Future | Diesel Futures | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 0 |
Weighted average contract price per bbl | $ / bbl | 0 |
Not Designated As Hedging Instrument | Buy (Long) Contracts | Future | NYM RBOB Gas Futures | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 16 |
Weighted average contract price per bbl | $ / bbl | 1.94 |
Not Designated As Hedging Instrument | Buy (Long) Contracts | Future | Fuel Oil Futures | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 40 |
Weighted average contract price per bbl | $ / bbl | 54.03 |
Not Designated As Hedging Instrument | Buy (Long) Contracts | Swap | Natural Gas | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 0 |
Weighted average contract price per bbl | $ / units | 0 |
Not Designated As Hedging Instrument | Buy (Long) Contracts | Options | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (1,000 bbls) | 20 |
Weighted average premium received | $ / bbl | 0.29 |
Derivatives (Schedule of Fair V
Derivatives (Schedule of Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | $ (48,100) | |
Preferred Distribution Rate Reset Election | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | (48,106) | $ (45,209) |
Not Designated As Hedging Instrument | Commodity Derivatives | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 394 | 505 |
Derivative Asset, Fair Value, Gross Liability | (394) | (505) |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (1,001) | (1,203) |
Derivative Liability, Fair Value, Gross Asset | 1,001 | 1,203 |
Derivative Liability | 0 | 0 |
Not Designated As Hedging Instrument | Swap | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (358) | 0 |
Designated as Hedging Instrument | Commodity Derivatives | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 34 | 54 |
Derivative Asset, Fair Value, Gross Liability | (34) | (54) |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (646) | (863) |
Derivative Liability, Fair Value, Gross Asset | 646 | 338 |
Derivative Liability | $ 0 | $ (525) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Sep. 01, 2022 | Mar. 31, 2018USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Net broker receivable | $ 1 | $ 1.9 | |
Initial margin | 1.3 | 1.9 | |
(Decrease) increase in margin deposits outstanding | $ (0.3) | ||
Derivatives, Fair Value [Line Items] | |||
Embedded derivative liability | $ 48.1 | ||
Scenario, Forecast | Class A Convertible Preferred Stock Units | |||
Derivatives, Fair Value [Line Items] | |||
Stock reset rate percentage | 10.75% | ||
Percentage below issue price per share | 110.00% | ||
LIBOR | Scenario, Forecast | Class A Convertible Preferred Stock Units | |||
Derivatives, Fair Value [Line Items] | |||
Basis spread on variable rate over stock price | 7.50 |
Derivatives (Schedule of Effect
Derivatives (Schedule of Effect on Operating Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Commodity Derivatives | Onshore Facilities and Transportation Product Costs & Sodium Minerals and Sulfur Services Operating costs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | $ (1,698) | $ 7,379 |
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 | (1,366) | 6,286 |
Commodity Derivatives | Not Designated As Hedging Instrument | Onshore Facilities and Transportation Product Costs & Sodium Minerals and Sulfur Services Operating costs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | (332) | 1,093 |
Swap | Not Designated As Hedging Instrument | Sodium minerals and sulfur services operating costs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | (275) | 0 |
Preferred Distribution Rate Reset Election | Other expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | $ (1,906) | $ 0 |
Fair-Value Measurements (Placem
Fair-Value Measurements (Placement of Assets and Liabilities Within the Fair Value Hierarchy Levels) (Details) - Recurring Fair Value Measures - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Level 1 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | $ 428 | $ 559 |
Level 1 | Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | (1,647) | (2,066) |
Level 1 | Preferred Distribution Rate Reset Election | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | 0 | 0 |
Level 2 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | 0 | 0 |
Level 2 | Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | (358) | 0 |
Level 2 | Preferred Distribution Rate Reset Election | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | 0 | 0 |
Level 3 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | 0 | 0 |
Level 3 | Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | 0 | 0 |
Level 3 | Preferred Distribution Rate Reset Election | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | $ (48,106) | $ (45,209) |
Fair-Value Measurements (Reconc
Fair-Value Measurements (Reconciliation of Changes in Derivatives Classified as Level 3) (Details) - Level 3 $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Balance as of December 31, 2017 | $ (45,209) |
Net Loss for the period included in earnings | (1,906) |
Allocation of Distribution Paid-in-kind | (991) |
Balance as of March 31, 2018 | $ (48,106) |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Senior unsecured notes | $ 2,456,749 | $ 2,598,918 |
Fair value of senior unsecured notes | $ 2,500,000 | $ 2,700,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
Write off of Amortization of Leased Assets [Line Items] | |||
Non-cash provision for leased items no longer in use | $ 186 | $ 0 | |
Loss Contingency Accrual | 9,300 | ||
Accrued Liabilities | |||
Write off of Amortization of Leased Assets [Line Items] | |||
Loss contingency, accrual, current | $ 3,900 | ||
Onshore Facilities & Transportation | |||
Write off of Amortization of Leased Assets [Line Items] | |||
Non-cash provision for leased items no longer in use | $ 12,600 |
Condensed Consolidating Finan89
Condensed Consolidating Financial Information (Narrative) (Details) $ in Billions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 2.5 |
Genesis NEJD Pipeline, LLC | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of equity interest | 100.00% |
Condensed Consolidating Finan90
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 16,092 | $ 9,041 | $ 10,773 | $ 7,029 | |
Other current assets | 564,002 | 626,992 | |||
Total current assets | 580,094 | 636,033 | |||
Fixed assets, at cost | 5,652,880 | 5,601,015 | |||
Less: Accumulated depreciation | (802,261) | (734,986) | |||
Net fixed assets | 4,850,619 | 4,866,029 | |||
Mineral Properties, Net | 563,369 | 564,506 | |||
Goodwill | 325,046 | 325,046 | |||
Other assets, net | 418,215 | 364,317 | |||
Advances to affiliates | 0 | 0 | |||
Equity investees | 372,493 | 381,550 | |||
Investments in subsidiaries | 0 | 0 | |||
TOTAL ASSETS | 7,109,836 | 7,137,481 | |||
Current liabilities | 415,690 | 456,264 | |||
Senior secured credit facility, principal | 1,279,000 | 1,099,200 | |||
Senior unsecured notes | 2,456,749 | 2,598,918 | |||
Deferred tax liabilities | 12,138 | 11,913 | |||
Advances from affiliates | 0 | 0 | |||
Other long-term liabilities | 290,401 | $ 276,435 | 256,571 | ||
Total liabilities | 4,453,978 | 4,422,866 | |||
Class A Convertible Preferred Units | 712,687 | 697,151 | |||
Partner's capital | 1,951,590 | $ 2,022,597 | 2,026,147 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (604) | (604) | |||
Noncontrolling interests | (7,815) | (8,079) | |||
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | 7,109,836 | 7,137,481 | |||
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 Properties, Net | 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, principal | 0 | 0 | |||
Senior unsecured notes | 0 | 0 | |||
Deferred tax liabilities | 0 | 0 | |||
Advances from affiliates | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Class A Convertible Preferred Units | 0 | 0 | |||
Partner's capital | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | |||
Noncontrolling interests | 0 | 0 | |||
TOTAL LIABILITIES, MEZZANINE CAPITAL 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 | 25 | 50 | |||
Total current assets | 31 | 56 | |||
Fixed assets, at cost | 0 | 0 | |||
Less: Accumulated depreciation | 0 | 0 | |||
Net fixed assets | 0 | 0 | |||
Mineral Properties, Net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets, net | 13,083 | 14,083 | |||
Advances to affiliates | 3,799,305 | 3,808,712 | |||
Equity investees | 0 | 0 | |||
Investments in subsidiaries | 2,693,391 | 2,689,861 | |||
TOTAL ASSETS | 6,505,810 | 6,512,712 | |||
Current liabilities | 57,677 | 46,086 | |||
Senior secured credit facility, principal | 1,279,000 | 1,099,200 | |||
Senior unsecured notes | 2,456,749 | 2,598,918 | |||
Deferred tax liabilities | 0 | 0 | |||
Advances from affiliates | 0 | 0 | |||
Other long-term liabilities | 48,107 | 45,210 | |||
Total liabilities | 3,841,533 | 3,789,414 | |||
Class A Convertible Preferred Units | 712,687 | 697,151 | |||
Partner's capital | 1,951,590 | 2,026,147 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | |||
Noncontrolling interests | 0 | 0 | |||
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | 6,505,810 | 6,512,712 | |||
Reportable Legal Entities | Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 14,677 | 8,340 | 9,638 | 6,360 | |
Other current assets | 551,885 | 614,682 | |||
Total current assets | 566,562 | 623,022 | |||
Fixed assets, at cost | 5,575,295 | 5,523,431 | |||
Less: Accumulated depreciation | (774,919) | (708,269) | |||
Net fixed assets | 4,800,376 | 4,815,162 | |||
Mineral Properties, Net | 563,369 | 564,506 | |||
Goodwill | 325,046 | 325,046 | |||
Other assets, net | 438,693 | 378,371 | |||
Advances to affiliates | 0 | 0 | |||
Equity investees | 372,493 | 381,550 | |||
Investments in subsidiaries | 83,624 | 82,616 | |||
TOTAL ASSETS | 7,150,163 | 7,170,273 | |||
Current liabilities | 348,421 | 399,017 | |||
Senior secured credit facility, principal | 0 | 0 | |||
Senior unsecured notes | 0 | 0 | |||
Deferred tax liabilities | 12,138 | 11,913 | |||
Advances from affiliates | 3,888,239 | 3,894,027 | |||
Other long-term liabilities | 214,494 | 182,414 | |||
Total liabilities | 4,463,292 | 4,487,371 | |||
Class A Convertible Preferred Units | 0 | 0 | |||
Partner's capital | 2,687,475 | 2,683,506 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (604) | (604) | |||
Noncontrolling interests | 0 | 0 | |||
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | 7,150,163 | 7,170,273 | |||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 1,409 | 695 | 1,129 | 663 | |
Other current assets | 12,137 | 12,316 | |||
Total current assets | 13,546 | 13,011 | |||
Fixed assets, at cost | 77,585 | 77,584 | |||
Less: Accumulated depreciation | (27,342) | (26,717) | |||
Net fixed assets | 50,243 | 50,867 | |||
Mineral Properties, Net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets, net | 124,242 | 126,300 | |||
Advances to affiliates | 89,334 | 85,423 | |||
Equity investees | 0 | 0 | |||
Investments in subsidiaries | 0 | 0 | |||
TOTAL ASSETS | 277,365 | 275,601 | |||
Current liabilities | 10,137 | 11,417 | |||
Senior secured credit facility, principal | 0 | 0 | |||
Senior unsecured notes | 0 | 0 | |||
Deferred tax liabilities | 0 | 0 | |||
Advances from affiliates | 0 | 0 | |||
Other long-term liabilities | 185,456 | 183,237 | |||
Total liabilities | 195,593 | 194,654 | |||
Class A Convertible Preferred Units | 0 | 0 | |||
Partner's capital | 89,587 | 89,026 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | |||
Noncontrolling interests | (7,815) | (8,079) | |||
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | 277,365 | 275,601 | |||
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Other current assets | (45) | (56) | |||
Total current assets | (45) | (56) | |||
Fixed assets, at cost | 0 | 0 | |||
Less: Accumulated depreciation | 0 | 0 | |||
Net fixed assets | 0 | 0 | |||
Mineral Properties, Net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets, net | (157,803) | (154,437) | |||
Advances to affiliates | (3,888,639) | (3,894,135) | |||
Equity investees | 0 | 0 | |||
Investments in subsidiaries | (2,777,015) | (2,772,477) | |||
TOTAL ASSETS | (6,823,502) | (6,821,105) | |||
Current liabilities | (545) | (256) | |||
Senior secured credit facility, principal | 0 | 0 | |||
Senior unsecured notes | 0 | 0 | |||
Deferred tax liabilities | 0 | 0 | |||
Advances from affiliates | (3,888,239) | (3,894,027) | |||
Other long-term liabilities | (157,656) | (154,290) | |||
Total liabilities | (4,046,440) | (4,048,573) | |||
Class A Convertible Preferred Units | 0 | 0 | |||
Partner's capital | (2,777,062) | (2,772,532) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | |||
Noncontrolling interests | 0 | 0 | |||
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | $ (6,823,502) | $ (6,821,105) |
Condensed Consolidating Finan91
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
Offshore pipeline transportation services | $ 73,260 | $ 85,128 |
Sodium minerals and sulfur services | 285,910 | 45,046 |
Marine transportation | 48,929 | 50,302 |
Onshore facilities and transportation | 317,709 | 235,015 |
Total revenues | 725,808 | 415,491 |
Onshore Facilities and Transportation Products and Operating Costs | 300,113 | 214,332 |
Marine transportation costs | 37,847 | 37,242 |
Sodium minerals and sulfur services operating costs | 223,498 | 27,364 |
Offshore pipeline transportation operating costs | 18,340 | 17,868 |
General and administrative | 11,674 | 9,976 |
Depreciation, depletion and amortization | 75,255 | 56,112 |
Total costs and expenses | 666,727 | 362,894 |
OPERATING INCOME | 59,081 | 52,597 |
Equity in earnings of subsidiaries | 0 | 0 |
Equity in earnings of equity investees | 10,572 | 11,335 |
Interest (expense) income, net | (56,136) | (36,739) |
Other expense | (5,244) | 0 |
Income before income taxes | 8,273 | 27,193 |
Income tax (expense) benefit | (375) | (255) |
NET INCOME | 7,898 | 26,938 |
Net loss attributable to noncontrolling interest | 136 | 152 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 8,034 | 27,090 |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (16,888) | 0 |
Net Income (loss) Available to Common Unitholders | (8,854) | 27,090 |
Reportable Legal Entities | Genesis Energy Finance Corporation (Co-Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Offshore pipeline transportation services | 0 | 0 |
Sodium minerals and sulfur services | 0 | 0 |
Marine transportation | 0 | 0 |
Onshore facilities and transportation | 0 | 0 |
Total revenues | 0 | 0 |
Onshore Facilities and Transportation Products and Operating Costs | 0 | 0 |
Marine transportation costs | 0 | 0 |
Sodium minerals and sulfur services operating costs | 0 | 0 |
Offshore pipeline transportation operating costs | 0 | 0 |
General and administrative | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 |
Total costs and expenses | 0 | 0 |
OPERATING INCOME | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Equity in earnings of equity investees | 0 | 0 |
Interest (expense) income, net | 0 | 0 |
Other expense | 0 | |
Income before income taxes | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
NET INCOME | 0 | 0 |
Net loss attributable to noncontrolling interest | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 0 | 0 |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | 0 | 0 |
Net Income (loss) Available to Common Unitholders | 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 |
Sodium minerals and sulfur services | 0 | 0 |
Marine transportation | 0 | 0 |
Onshore facilities and transportation | 0 | 0 |
Total revenues | 0 | 0 |
Onshore Facilities and Transportation Products and Operating Costs | 0 | 0 |
Marine transportation costs | 0 | 0 |
Sodium minerals and sulfur services operating costs | 0 | 0 |
Offshore pipeline transportation operating costs | 0 | 0 |
General and administrative | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 |
Total costs and expenses | 0 | 0 |
OPERATING INCOME | 0 | 0 |
Equity in earnings of subsidiaries | 69,592 | 63,809 |
Equity in earnings of equity investees | 0 | 0 |
Interest (expense) income, net | (56,314) | (36,719) |
Other expense | (5,244) | |
Income before income taxes | 8,034 | 27,090 |
Income tax (expense) benefit | 0 | 0 |
NET INCOME | 8,034 | 27,090 |
Net loss attributable to noncontrolling interest | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 8,034 | 27,090 |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (16,888) | 0 |
Net Income (loss) Available to Common Unitholders | (8,854) | 27,090 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Offshore pipeline transportation services | 73,260 | 85,128 |
Sodium minerals and sulfur services | 285,097 | 45,034 |
Marine transportation | 48,929 | 50,302 |
Onshore facilities and transportation | 312,874 | 230,070 |
Total revenues | 720,160 | 410,534 |
Onshore Facilities and Transportation Products and Operating Costs | 299,841 | 214,071 |
Marine transportation costs | 37,847 | 37,242 |
Sodium minerals and sulfur services operating costs | 223,247 | 27,153 |
Offshore pipeline transportation operating costs | 17,662 | 17,106 |
General and administrative | 11,674 | 9,976 |
Depreciation, depletion and amortization | 74,630 | 55,487 |
Total costs and expenses | 664,901 | 361,035 |
OPERATING INCOME | 55,259 | 49,499 |
Equity in earnings of subsidiaries | 632 | (250) |
Equity in earnings of equity investees | 10,572 | 11,335 |
Interest (expense) income, net | 3,544 | 3,520 |
Other expense | 0 | |
Income before income taxes | 70,007 | 64,104 |
Income tax (expense) benefit | (377) | (255) |
NET INCOME | 69,630 | 63,849 |
Net loss attributable to noncontrolling interest | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 69,630 | 63,849 |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | 0 | 0 |
Net Income (loss) Available to Common Unitholders | 69,630 | 63,849 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Offshore pipeline transportation services | 0 | |
Sodium minerals and sulfur services | 3,066 | 1,810 |
Marine transportation | 0 | 0 |
Onshore facilities and transportation | 4,835 | 4,945 |
Total revenues | 7,901 | 6,755 |
Onshore Facilities and Transportation Products and Operating Costs | 272 | 261 |
Marine transportation costs | 0 | 0 |
Sodium minerals and sulfur services operating costs | 2,504 | 2,009 |
Offshore pipeline transportation operating costs | 678 | 762 |
General and administrative | 0 | 0 |
Depreciation, depletion and amortization | 625 | 625 |
Total costs and expenses | 4,079 | 3,657 |
OPERATING INCOME | 3,822 | 3,098 |
Equity in earnings of subsidiaries | 0 | 0 |
Equity in earnings of equity investees | 0 | 0 |
Interest (expense) income, net | (3,366) | (3,540) |
Other expense | 0 | |
Income before income taxes | 456 | (442) |
Income tax (expense) benefit | 2 | 0 |
NET INCOME | 458 | (442) |
Net loss attributable to noncontrolling interest | 136 | 152 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 594 | (290) |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | 0 | 0 |
Net Income (loss) Available to Common Unitholders | 594 | (290) |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Offshore pipeline transportation services | 0 | 0 |
Sodium minerals and sulfur services | (2,253) | (1,798) |
Marine transportation | 0 | 0 |
Onshore facilities and transportation | 0 | 0 |
Total revenues | (2,253) | (1,798) |
Onshore Facilities and Transportation Products and Operating Costs | 0 | 0 |
Marine transportation costs | 0 | 0 |
Sodium minerals and sulfur services operating costs | (2,253) | (1,798) |
Offshore pipeline transportation operating costs | 0 | 0 |
General and administrative | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 |
Total costs and expenses | (2,253) | (1,798) |
OPERATING INCOME | 0 | 0 |
Equity in earnings of subsidiaries | (70,224) | (63,559) |
Equity in earnings of equity investees | 0 | 0 |
Interest (expense) income, net | 0 | 0 |
Other expense | 0 | |
Income before income taxes | (70,224) | (63,559) |
Income tax (expense) benefit | 0 | 0 |
NET INCOME | (70,224) | (63,559) |
Net loss attributable to noncontrolling interest | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | (70,224) | (63,559) |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | 0 | 0 |
Net Income (loss) Available to Common Unitholders | $ (70,224) | $ (63,559) |
Condensed Consolidating Finan92
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 86,328 | $ 61,040 |
Payments to acquire fixed and intangible assets | (66,051) | (61,292) |
Cash distributions received from equity investees - return of investment | 9,277 | 9,083 |
Investments in equity investees | 0 | |
Acquisitions | 0 | 0 |
Intercompany transfers | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Contributions in aid of construction costs | 0 | 124 |
Proceeds from asset sales | 6 | 1,234 |
Other, net | 0 | 0 |
Net cash used in investing activities | (56,768) | (50,851) |
Borrowings on senior secured credit facility | 333,800 | 216,700 |
Repayments on senior secured credit facility | (154,000) | (284,900) |
Proceeds from issuance of senior unsecured notes | 0 | |
Repayments of Unsecured Debt | 145,170 | 0 |
Proceeds from issuance of Class A convertible preferred units, net | 0 | |
Debt issuance costs | (159) | 0 |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 0 | 140,968 |
Distributions to partners/owners | (62,515) | (83,765) |
Contributions from noncontrolling interest | 400 | 0 |
Other, net | 5,135 | 4,552 |
Net cash used in financing activities | (22,509) | (6,445) |
Net increase in cash and cash equivalents | 7,051 | 3,744 |
Cash and cash equivalents at beginning of period | 9,041 | 7,029 |
Cash and cash equivalents at end of period | 16,092 | 10,773 |
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 | |
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 |
Proceeds from issuance of senior unsecured notes | 0 | |
Repayments of Unsecured Debt | 0 | |
Proceeds from issuance of Class A convertible preferred units, net | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 0 | 0 |
Distributions to partners/owners | 0 | 0 |
Contributions from noncontrolling interest | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in 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 | 18,637 | 42,623 |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 0 | 0 |
Investments in equity investees | (140,968) | |
Acquisitions | 0 | 0 |
Intercompany transfers | 9,407 | 109,342 |
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 | 9,407 | (31,626) |
Borrowings on senior secured credit facility | 333,800 | 216,700 |
Repayments on senior secured credit facility | (154,000) | (284,900) |
Proceeds from issuance of senior unsecured notes | 0 | |
Repayments of Unsecured Debt | 145,170 | |
Proceeds from issuance of Class A convertible preferred units, net | 0 | |
Debt issuance costs | (159) | 0 |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 0 | 140,968 |
Distributions to partners/owners | (62,515) | (83,765) |
Contributions from noncontrolling interest | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in financing activities | (28,044) | (10,997) |
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 | 124,180 | 95,023 |
Payments to acquire fixed and intangible assets | (66,051) | (61,292) |
Cash distributions received from equity investees - return of investment | 9,277 | 9,083 |
Investments in equity investees | 0 | |
Acquisitions | 0 | 0 |
Intercompany transfers | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 1,801 | 1,627 |
Contributions in aid of construction costs | 0 | 124 |
Proceeds from asset sales | 6 | 1,234 |
Other, net | 0 | 0 |
Net cash used in investing activities | (54,967) | (49,224) |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Proceeds from issuance of senior unsecured notes | 0 | |
Repayments of Unsecured Debt | 0 | |
Proceeds from issuance of Class A convertible preferred units, net | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany transfers | (5,496) | (104,276) |
Issuance of common units for cash, net | 0 | 140,968 |
Distributions to partners/owners | (62,515) | (83,765) |
Contributions from noncontrolling interest | 0 | 0 |
Other, net | 5,135 | 4,552 |
Net cash used in financing activities | (62,876) | (42,521) |
Net increase in cash and cash equivalents | 6,337 | 3,278 |
Cash and cash equivalents at beginning of period | 8,340 | 6,360 |
Cash and cash equivalents at end of period | 14,677 | 9,638 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 874 | 2,007 |
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 | |
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 |
Proceeds from issuance of senior unsecured notes | 0 | |
Repayments of Unsecured Debt | 0 | |
Proceeds from issuance of Class A convertible preferred units, net | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany transfers | (3,911) | (5,066) |
Issuance of common units for cash, net | 0 | 0 |
Distributions to partners/owners | 0 | 0 |
Contributions from noncontrolling interest | 400 | 0 |
Other, net | 3,351 | 3,525 |
Net cash used in financing activities | (160) | (1,541) |
Net increase in cash and cash equivalents | 714 | 466 |
Cash and cash equivalents at beginning of period | 695 | 663 |
Cash and cash equivalents at end of period | 1,409 | 1,129 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (57,363) | (78,613) |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 0 | 0 |
Investments in equity investees | 140,968 | |
Acquisitions | 0 | 0 |
Intercompany transfers | (9,407) | (109,342) |
Repayments on loan to non-guarantor subsidiary | (1,801) | (1,627) |
Contributions in aid of construction costs | 0 | 0 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | (11,208) | 29,999 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Proceeds from issuance of senior unsecured notes | 0 | |
Repayments of Unsecured Debt | 0 | |
Proceeds from issuance of Class A convertible preferred units, net | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany transfers | 9,407 | 109,342 |
Issuance of common units for cash, net | 0 | (140,968) |
Distributions to partners/owners | 62,515 | 83,765 |
Contributions from noncontrolling interest | 0 | 0 |
Other, net | (3,351) | (3,525) |
Net cash used in financing activities | 68,571 | 48,614 |
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 |