Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 26, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-12295 | |
Entity Registrant Name | GENESIS ENERGY LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0513049 | |
Entity Address, Address Line One | 919 Milam, Suite 2100, | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | (713) | |
Local Phone Number | 860-2500 | |
Title of 12(b) Security | Common units | |
Trading Symbol | GEL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001022321 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A Common Units | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 122,539,221 | |
Class B Common Units | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,997 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 10,070 | $ 19,987 |
Restricted cash | 18,446 | 5,005 |
Accounts receivable - trade, net | 453,502 | 400,334 |
Inventories | 91,834 | 77,958 |
Other Assets, Current | 31,239 | 39,200 |
Total current assets | 605,091 | 542,484 |
FIXED ASSETS, at cost | 5,599,512 | 5,464,040 |
Less: Accumulated depreciation | (1,661,837) | (1,551,855) |
Net fixed assets | 3,937,675 | 3,912,185 |
MINERAL LEASEHOLDS, net of accumulated depletion | 547,071 | 549,005 |
EQUITY INVESTEES | 287,748 | 294,050 |
INTANGIBLE ASSETS, net of amortization | 126,700 | 127,063 |
GOODWILL | 301,959 | 301,959 |
RIGHT OF USE ASSETS, net | 133,476 | 140,796 |
Other assets - net of amortization | 31,740 | 38,259 |
TOTAL ASSETS | 5,971,460 | 5,905,801 |
CURRENT LIABILITIES: | ||
Accounts payable - trade | 256,086 | 264,316 |
Accrued liabilities | 253,369 | 232,623 |
Total current liabilities | 509,455 | 496,939 |
Long-term Line of Credit, Noncurrent | 34,600 | 49,000 |
SENIOR SECURED CREDIT FACILITY | 402,204 | 0 |
SENIOR UNSECURED NOTES, net of debt issuance costs and premium | 2,888,422 | 2,930,505 |
DEFERRED TAX LIABILITIES | 14,897 | 14,297 |
OTHER LONG-TERM LIABILITIES | 441,226 | 434,925 |
Total liabilities | 4,290,804 | 3,925,666 |
MEZZANINE CAPITAL: | ||
Class A Convertible Preferred Units, 25,336,778 issued and outstanding at June 30, 2022 and December 31, 2021 | 790,115 | 790,115 |
Redeemable noncontrolling interests, no units issued and outstanding at June 30, 2022 and 246,394 preferred units issued and outstanding December 31, 2021 | 0 | 259,568 |
PARTNERS’ CAPITAL: | ||
Common unitholders, 122,579,218 units issued and outstanding at June 30, 2022 and December 31, 2021 | 596,059 | 641,313 |
Accumulated other comprehensive loss | (5,364) | (5,607) |
Noncontrolling interests | 299,846 | 294,746 |
Total partners’ capital | 890,541 | 930,452 |
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | $ 5,971,460 | $ 5,905,801 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jun. 30, 2022 | Dec. 31, 2021 |
Common units issued (in units) | 122,579,218 | 122,579,218 |
Common units outstanding (in units) | 122,579,218 | 122,579,218 |
Class A Convertible Preferred Stock Units | ||
Number preferred units issued (in units) | 25,336,778 | 25,336,778 |
Number of preferred units outstanding (in units) | 25,336,778 | 25,336,778 |
Redeemable Noncontrolling Interest Preferred Units | ||
Number preferred units issued (in units) | 246,394 | |
Number of preferred units outstanding (in units) | 246,394 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
REVENUES: | ||||
Total revenues | $ 721,725 | $ 503,855 | $ 1,353,672 | $ 1,025,074 |
COSTS AND EXPENSES: | ||||
General and administrative | 20,665 | 12,907 | 35,787 | 24,573 |
Depreciation, depletion and amortization | 73,673 | 67,541 | 143,179 | 133,827 |
Gain (Loss) on Disposition of Assets | (40,000) | 0 | (40,000) | 0 |
Total costs and expenses | 625,140 | 478,318 | 1,205,416 | 971,516 |
OPERATING INCOME | 96,585 | 25,537 | 148,256 | 53,558 |
Equity in earnings of equity investees | 14,572 | 14,222 | 27,016 | 34,882 |
Interest expense | (55,959) | (59,169) | (111,063) | (116,998) |
Other income (expense) | 14,888 | (15,845) | 10,630 | (35,910) |
Income (loss) from operations before income taxes | 70,086 | (35,255) | 74,839 | (64,468) |
Income tax expense | (571) | (525) | (875) | (747) |
NET INCOME (LOSS) | 69,515 | (35,780) | 73,964 | (65,215) |
Net income attributable to noncontrolling interests | (11,548) | (136) | (13,424) | (134) |
Net income attributable to redeemable noncontrolling interests | (22,620) | (5,766) | (30,443) | (10,557) |
NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 35,347 | (41,682) | 30,097 | (75,906) |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (18,684) | (18,684) | (37,368) | (37,368) |
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-BASIC | 16,663 | (60,366) | (7,271) | (113,274) |
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-DILUTED | $ 16,663 | $ (60,366) | $ (7,271) | $ (113,274) |
NET INCOME (LOSS) PER COMMON UNIT (Note 11): | ||||
Basic (in dollars per unit) | $ 0.14 | $ (0.49) | $ (0.06) | $ (0.92) |
Diluted (in dollars per unit) | $ 0.14 | $ (0.49) | $ (0.06) | $ (0.92) |
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | ||||
Basic (in units) | 122,579 | 122,579 | 122,579 | 122,579 |
Diluted (in units) | 122,579 | 122,579 | 122,579 | 122,579 |
Offshore pipeline transportation | ||||
REVENUES: | ||||
Total revenues | $ 82,085 | $ 73,221 | $ 150,153 | $ 137,605 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 26,359 | 21,264 | 49,375 | 41,980 |
Sodium minerals and sulfur services | ||||
REVENUES: | ||||
Total revenues | 318,608 | 237,087 | 604,282 | 464,374 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 250,914 | 196,971 | 464,539 | 381,402 |
Marine transportation | ||||
REVENUES: | ||||
Total revenues | 76,320 | 47,626 | 132,094 | 87,957 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 58,924 | 39,118 | 102,652 | 72,204 |
Onshore facilities and transportation | ||||
REVENUES: | ||||
Total revenues | 244,712 | 145,921 | 467,143 | 335,138 |
Onshore facilities and transportation | Onshore facilities and transportation product costs | ||||
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 217,703 | 124,684 | 417,305 | 285,435 |
Onshore facilities and transportation | Onshore facilities and transportation operating costs | ||||
COSTS AND EXPENSES: | ||||
Cost of products and services sold | $ 16,902 | $ 15,833 | $ 32,579 | $ 32,095 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ 69,515 | $ (35,780) | $ 73,964 | $ (65,215) |
Other comprehensive income: | ||||
Amortization of prior year service cost | 121 | 121 | 243 | 243 |
Total Comprehensive income (loss) | 69,636 | (35,659) | 74,207 | (64,972) |
Comprehensive income attributable to noncontrolling interests | (11,548) | (136) | (13,424) | (134) |
Comprehensive income attributable to redeemable noncontrolling interests | (22,620) | (5,766) | (30,443) | (10,557) |
Comprehensive income (loss) attributable to Genesis Energy, L.P. | $ 35,468 | $ (41,561) | $ 30,340 | $ (75,663) |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL - USD ($) shares in Thousands, $ in Thousands | Total | Limited Partner [Member] | Limited Partner [Member] Common Units | Noncontrolling Interest [Member] | AOCI Attributable to Parent [Member] |
Partners' capital, beginning balance (in shares) at Dec. 31, 2020 | 122,579 | ||||
Partners' capital, beginning balance at Dec. 31, 2020 | $ 818,848 | $ 829,326 | $ (1,113) | $ (9,365) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income | (75,772) | (75,906) | 134 | ||
Cash distributions to partners | (36,774) | (36,774) | |||
Cash contributions from noncontrolling interests | 385 | 385 | |||
Other comprehensive income | 243 | 243 | |||
Distributions to Class A Convertible Preferred unitholders | (37,368) | (37,368) | |||
Partners' capital, ending balance (in shares) at Jun. 30, 2021 | 122,579 | ||||
Partners' capital, ending balance at Jun. 30, 2021 | 669,562 | 679,278 | (594) | (9,122) | |
Partners' capital, beginning balance (in shares) at Mar. 31, 2021 | 122,579 | ||||
Partners' capital, beginning balance at Mar. 31, 2021 | 747,909 | 758,031 | (879) | (9,243) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income | (41,546) | (41,682) | 136 | ||
Cash distributions to partners | (18,387) | (18,387) | |||
Cash contributions from noncontrolling interests | 149 | 149 | |||
Other comprehensive income | 121 | 121 | |||
Distributions to Class A Convertible Preferred unitholders | (18,684) | (18,684) | |||
Partners' capital, ending balance (in shares) at Jun. 30, 2021 | 122,579 | ||||
Partners' capital, ending balance at Jun. 30, 2021 | 669,562 | 679,278 | (594) | (9,122) | |
Partners' capital, beginning balance at Dec. 31, 2021 | 930,452 | 641,313 | 294,746 | (5,607) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income | 43,521 | 30,097 | 13,424 | ||
Cash distributions to partners | (36,774) | (36,774) | |||
Adjustment to valuation of noncontrolling interest in subsidiary | 0 | (1,209) | 1,209 | ||
Cash distributions to noncontrolling interests | (18,332) | (18,332) | |||
Cash contributions from noncontrolling interests | 8,799 | 8,799 | |||
Other comprehensive income | 243 | 243 | |||
Distributions to Class A Convertible Preferred unitholders | (37,368) | (37,368) | |||
Partners' capital, ending balance (in shares) at Jun. 30, 2022 | 122,579 | ||||
Partners' capital, ending balance at Jun. 30, 2022 | 890,541 | 596,059 | 299,846 | (5,364) | |
Partners' capital, beginning balance (in shares) at Mar. 31, 2022 | 122,579 | ||||
Partners' capital, beginning balance at Mar. 31, 2022 | 885,749 | 597,783 | 293,451 | (5,485) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income | 46,895 | 35,347 | 11,548 | ||
Cash distributions to partners | (18,387) | (18,387) | |||
Cash distributions to noncontrolling interests | (13,130) | (13,130) | |||
Cash contributions from noncontrolling interests | 7,977 | 7,977 | |||
Other comprehensive income | 121 | 121 | |||
Distributions to Class A Convertible Preferred unitholders | (18,684) | (18,684) | |||
Partners' capital, ending balance (in shares) at Jun. 30, 2022 | 122,579 | ||||
Partners' capital, ending balance at Jun. 30, 2022 | $ 890,541 | $ 596,059 | $ 299,846 | $ (5,364) |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 73,964 | $ (65,215) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities - | ||
Depreciation, depletion and amortization | 143,179 | 133,827 |
Gain (Loss) on Disposition of Assets | (40,000) | 0 |
Amortization and write-off of debt issuance costs, premium and discount | 4,652 | 6,965 |
Payments received under previously owned direct financing leases | 0 | 35,000 |
Equity in earnings of investments in equity investees | (27,016) | (34,882) |
Cash distributions of earnings of equity investees | 27,378 | 34,325 |
Non-cash effect of long-term incentive compensation plans | 6,644 | 2,884 |
Deferred and other tax liabilities | 600 | 402 |
Unrealized losses (gains) on derivative transactions | (10,284) | 32,377 |
Cancellation of debt income | (4,737) | 0 |
Other, net | 10,137 | 11,229 |
Net changes in components of operating assets and liabilities (Note 14) | (26,230) | 31,272 |
Net cash provided by operating activities | 158,287 | 188,184 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to acquire fixed and intangible assets | (181,441) | (111,412) |
Cash distributions received from equity investees - return of investment | 10,372 | 17,015 |
Investments in equity investees | (2,976) | 0 |
Proceeds from asset sales | 40,131 | 32 |
Net cash used in investing activities | (133,914) | (94,365) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on senior secured credit facility | 403,000 | 366,600 |
Repayments on senior secured credit facility | (417,400) | (592,100) |
Proceeds from Issuance of Senior Long-term Debt | 408,000 | 0 |
Redemption of preferred units (Note 10) | 288,629 | 0 |
Proceeds from issuance of senior unsecured notes (Note 9) | 0 | 259,375 |
Net proceeds from issuance of preferred units (Note 10) | 0 | 53,018 |
Repayment of senior unsecured notes (Note 9) | (40,837) | (80,859) |
Debt issuance costs | (5,770) | (11,365) |
Contributions from noncontrolling interests | 8,799 | 385 |
Distributions to noncontrolling interests | (18,332) | 0 |
Distributions to common unitholders | (36,774) | (36,774) |
Distributions to Class A Convertible Preferred unitholders | (37,368) | (37,368) |
Other, net | 4,462 | 4,539 |
Net cash used in financing activities | (20,849) | (74,549) |
Net increase in cash, cash equivalents and restricted cash | 3,524 | 19,270 |
Cash, cash equivalents and restricted cash at beginning of period | 24,992 | 27,018 |
Cash, cash equivalents and restricted cash at end of period | $ 28,516 | $ 46,288 |
Organization and Basis of Prese
Organization and Basis of Presentation and Consolidation | 6 Months Ended |
Jun. 30, 2022 | |
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 founded in Delaware in 1996 and focused on the midstream segment of the crude oil and natural gas industry as well as the production of natural soda ash. Our operations are primarily located in the Gulf Coast region of the United States, Wyoming and in the Gulf of Mexico. We provide an integrated suite of services to refiners, crude oil and natural gas producers and industrial and commercial enterprises and have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, our trona and trona-based exploring, mining, processing, producing, marketing and selling business based in Wyoming (our “Alkali Business”), refinery-related plants, storage tanks and terminals, railcars, rail unloading facilities, barges and other vessels and trucks. We are owned 100% by our limited partners. Genesis Energy, LLC, our general partner, is a wholly-owned subsidiary. Our general partner has sole responsibility for conducting our business and managing our operations. We conduct our operations and own our operating assets through our subsidiaries and joint ventures. We currently manage our businesses through the following four divisions that constitute our reportable segments: • Offshore pipeline transportation, which includes 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, marketing and selling activities, as well as soda ash production and 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 terminaling, blending, storing, marketing and transporting crude oil and petroleum products (primarily fuel oil, asphalt and other heavy refined products); and • Marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined 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 Unaudited 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 (the “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, 2021 (our “Annual Report”). 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 | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | Recent Accounting DevelopmentsRecent and Proposed Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (“LIBOR”) and other rates resulting from rate reform that are entered into on or before December 31, 2022. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. On May 17, 2022, we entered into our Second Amendment and Consent to the credit agreement (defined in Note 9 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers The following tables reflect the disaggregation of our revenues by major category for the three months ended June 30, 2022 and 2021, respectively: Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 82,085 $ — $ 76,320 $ 20,471 $ 178,876 Product Sales — 287,940 — 224,241 512,181 Refinery Services — 30,668 — — 30,668 $ 82,085 $ 318,608 $ 76,320 $ 244,712 $ 721,725 Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities & Transportation Consolidated Fee-based revenues $ 73,221 $ — $ 47,626 $ 18,176 $ 139,023 Product Sales — 212,434 — 127,745 340,179 Refinery Services — 24,653 — — 24,653 $ 73,221 $ 237,087 $ 47,626 $ 145,921 $ 503,855 The following tables reflect the disaggregation of our revenues by major category for the six months ended June 30, 2022 and 2021, respectively: Six Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 150,153 $ — $ 132,094 $ 34,103 $ 316,350 Product Sales — 546,715 — 433,040 979,755 Refinery Services — 57,567 — — 57,567 $ 150,153 $ 604,282 $ 132,094 $ 467,143 $ 1,353,672 Six Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 137,605 $ — $ 87,957 $ 42,570 $ 268,132 Product Sales — 417,212 — 292,568 709,780 Refinery Services — 47,162 — — 47,162 $ 137,605 $ 464,374 $ 87,957 $ 335,138 $ 1,025,074 The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. 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. Contract Assets and Liabilities The table below depicts our contract asset and liability balances at December 31, 2021 and June 30, 2022: Contract Assets Contract Liabilities Current Assets- Other Accrued Liabilities Other Long-Term Liabilities Balance at December 31, 2021 $ 13,563 $ 2,619 $ 19,028 Balance at June 30, 2022 751 11,898 26,369 Transaction Price Allocations to Remaining Performance Obligations We are required to disclose the amount of our transaction prices that are allocated to unsatisfied performance obligations as of June 30, 2022. We are exempt from disclosing performance obligations with a duration of one year or less, revenue recognized related to performance obligations where the consideration corresponds directly with the value provided to customers and contracts with variable consideration that is allocated wholly to an unsatisfied performance obligation or promise to transfer a good or service that is part of a series in accordance with ASC 606. The majority of our contracts qualify for one of these expedients or exemptions. For the remaining contract types that involve revenue recognition over a long-term period with long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For 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 the remaining contract value to future periods. The following chart depicts how we expect to recognize revenues for future periods related to these contracts: Offshore Pipeline Transportation Onshore Facilities and Transportation Remainder of 2022 $ 38,085 $ 3,600 2023 66,418 7,200 2024 59,637 1,800 2025 63,279 — 2026 45,131 — Thereafter 57,612 — Total $ 330,162 $ 12,600 |
Lease Accounting
Lease Accounting | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Lease Accounting | Lease Accounting Lessee Arrangements We lease a variety of transportation equipment (primarily railcars), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (under 12 months) to long term (greater than 12 months). A majority of our leases contain options to extend the life of the lease at our sole discretion. We considered these options when determining the lease terms used to derive our right of use assets and associated lease liabilities. Leases with a term of less than 12 months are not recorded on our Unaudited Condensed Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. Our “Right of Use Assets, net” balance includes our unamortized initial direct costs associated with certain of our transportation equipment leases. Additionally, it includes our unamortized prepaid rents, our deferred rents, and our previously classified intangible asset associated with a favorable lease. Our lease liability includes our cease-use provision for railcars no longer in use. Our short-term and long-term lease liabilities are recorded within “Accrued liabilities” and “Other long-term liabilities,” respectively, on our Unaudited Condensed Consolidated Balance Sheets. Lessor Arrangements We have the following contracts in which we act as a lessor. We also, from time to time, sublease certain of our transportation and facilities equipment to third parties. Operating Leases During the three and six months ended June 30, 2022 and 2021, we acted as a lessor in a revenue contract associated with the M/T American Phoenix, which is included in our marine transportation segment. Our lease revenues for this arrangement (inclusive of fixed and variable consideration) were $4.6 million and $3.8 million for the three months ended June 30, 2022 and 2021, respectively, and $8.7 million and $7.2 million for the six months ended June 30, 2022 and 2021, respectively. |
Lease Accounting | Lease Accounting Lessee Arrangements We lease a variety of transportation equipment (primarily railcars), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (under 12 months) to long term (greater than 12 months). A majority of our leases contain options to extend the life of the lease at our sole discretion. We considered these options when determining the lease terms used to derive our right of use assets and associated lease liabilities. Leases with a term of less than 12 months are not recorded on our Unaudited Condensed Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. Our “Right of Use Assets, net” balance includes our unamortized initial direct costs associated with certain of our transportation equipment leases. Additionally, it includes our unamortized prepaid rents, our deferred rents, and our previously classified intangible asset associated with a favorable lease. Our lease liability includes our cease-use provision for railcars no longer in use. Our short-term and long-term lease liabilities are recorded within “Accrued liabilities” and “Other long-term liabilities,” respectively, on our Unaudited Condensed Consolidated Balance Sheets. Lessor Arrangements We have the following contracts in which we act as a lessor. We also, from time to time, sublease certain of our transportation and facilities equipment to third parties. Operating Leases During the three and six months ended June 30, 2022 and 2021, we acted as a lessor in a revenue contract associated with the M/T American Phoenix, which is included in our marine transportation segment. Our lease revenues for this arrangement (inclusive of fixed and variable consideration) were $4.6 million and $3.8 million for the three months ended June 30, 2022 and 2021, respectively, and $8.7 million and $7.2 million for the six months ended June 30, 2022 and 2021, respectively. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major components of inventories were as follows: June 30, December 31, 2021 Petroleum products $ — $ 998 Crude oil 20,767 11,834 Caustic soda 10,031 5,690 NaHS 20,232 17,040 Raw materials - Alkali operations 6,948 7,599 Work-in-process - Alkali operations 7,010 7,496 Finished goods, net - Alkali operations 12,633 13,681 Materials and supplies, net - Alkali operations 14,213 13,620 Total $ 91,834 $ 77,958 Inventories are valued at the lower of cost or net realizable value. There was no adjustment to the net realizable value of inventories during the period ended June 30, 2022. As of December 31, 2021, the net realizable value of inventories were below cost by $2.0 million, which triggered a reduction of the value of inventory in our Consolidated Financial Statements by this amount. Materials and supplies include chemicals, maintenance supplies and spare parts which will be consumed in the mining of trona ore and production of soda ash processes. |
Fixed Assets, Mineral Leasehold
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2022 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations | Fixed Assets, Mineral Leaseholds and Asset Retirement Obligations Fixed Assets Fixed assets consisted of the following: June 30, 2022 December 31, 2021 Crude oil and natural gas pipelines and related assets $ 2,839,496 $ 2,839,443 Alkali facilities, machinery and equipment 684,289 670,880 Onshore facilities, machinery and equipment 269,139 269,245 Transportation equipment 21,216 21,106 Marine vessels 1,016,892 1,018,284 Land, buildings and improvements 228,725 227,540 Office equipment, furniture and fixtures 26,992 23,965 Construction in progress 471,595 350,137 Other 41,168 43,440 Fixed assets, at cost 5,599,512 5,464,040 Less: Accumulated depreciation (1,661,837) (1,551,855) Net fixed assets $ 3,937,675 $ 3,912,185 Mineral Leaseholds Our Mineral Leaseholds, relating to our Alkali Business, consist of the following: June 30, 2022 December 31, 2021 Mineral leaseholds $ 566,019 $ 566,019 Less: Accumulated depletion (18,948) (17,014) Mineral leaseholds, net of accumulated depletion $ 547,071 $ 549,005 Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Depreciation expense $ 70,033 $ 64,148 $ 135,783 $ 126,850 Depletion expense 914 704 1,934 1,616 Asset Retirement Obligations We record asset retirement obligations (“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, 2021: ARO liability balance, December 31, 2021 $ 220,906 Accretion expense 6,871 Changes in estimate 2,383 Settlements (9,798) ARO liability balance, June 30, 2022 $ 220,362 At June 30, 2022 and December 31, 2021, $30.6 million and $36.3 million are included as current in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets, respectively. The remainder of the ARO liability as of June 30, 2022 and December 31, 2021 is included in “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheets. With respect to our AROs, the following table presents our forecast of accretion expense for the periods indicated: Remainder of 2022 $ 6,291 2023 $ 10,583 2024 $ 9,767 2025 $ 10,469 2026 $ 8,216 Certain of our unconsolidated affiliates have AROs recorded at June 30, 2022 and December 31, 2021 relating to contractual agreements and regulatory requirements. In addition, certain entities that we consolidate have non-controlling interest owners that are responsible for their representative share of future costs of the related ARO liability . These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements. |
Equity Investees
Equity Investees | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021, the unamortized excess cost amounts totaled $312.8 million and $319.9 million, respectively. We amortize the differences in carrying value as changes in equity earnings. The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees: Three Months Ended Six Months Ended 2022 2021 2022 2021 Genesis’ share of operating earnings $ 18,138 $ 18,094 $ 34,148 $ 42,627 Amortization of differences attributable to Genesis’ carrying value of equity investments (3,566) (3,872) (7,132) (7,745) Net equity in earnings $ 14,572 $ 14,222 $ 27,016 $ 34,882 Distributions received (1) $ 18,732 $ 21,914 $ 37,750 $ 51,430 (1) Includes distributions attributable to the period and received during or promptly following such period. The following tables present the unaudited balance sheets and statements of operations information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”) (which we own 64% of and is our most significant equity investment): June 30, December 31, 2021 BALANCE SHEETS DATA: Assets Current assets $ 21,115 $ 17,827 Fixed assets, net 152,979 160,379 Other assets 11,660 6,186 Total assets $ 185,754 $ 184,392 Liabilities and equity Current liabilities $ 9,121 $ 7,668 Other liabilities 232,631 231,970 Equity (Deficit) (55,998) (55,246) Total liabilities and equity $ 185,754 $ 184,392 Three Months Ended Six Months Ended 2022 2021 2022 2021 STATEMENTS OF OPERATIONS DATA: Revenues $ 35,380 $ 33,757 $ 66,569 $ 76,170 Operating income $ 25,856 $ 24,636 $ 47,809 $ 56,797 Net income $ 24,441 $ 23,610 $ 45,348 $ 54,755 Poseidon’s Revolving Credit Facility |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets The following table summarizes the components of our intangible assets at the dates indicated: June 30, 2022 December 31, 2021 Gross Accumulated Carrying Gross Accumulated Carrying Marine contract intangibles $ 800 $ 625 $ 175 $ 800 $ 607 $ 193 Offshore pipeline contract intangibles 158,101 57,554 100,547 158,101 53,394 104,707 Other 42,735 16,757 25,978 37,933 15,770 22,163 Total $ 201,636 $ 74,936 $ 126,700 $ 196,834 $ 69,771 $ 127,063 Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Amortization of intangible assets $ 2,577 $ 2,580 $ 5,165 $ 5,180 We estimate that our amortization expense for the next five years will be as follows: Remainder of 2022 $ 6,110 2023 $ 11,983 2024 $ 11,618 2025 $ 11,393 2026 $ 11,093 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our obligations under debt arrangements consisted of the following: June 30, 2022 December 31, 2021 Principal Unamortized Premium, Discount and Debt Issuance Costs Net Value Principal Unamortized Premium and Debt Issuance Costs Net Value Senior secured credit facility-Revolving Loan (1) $ 34,600 $ — $ 34,600 $ 49,000 $ — $ 49,000 5.625% senior unsecured notes due 2024 341,135 1,678 339,457 341,135 2,106 339,029 6.500% senior unsecured notes due 2025 534,834 3,858 530,976 534,834 4,452 530,382 6.250% senior unsecured notes due 2026 344,310 2,890 341,420 359,799 3,410 356,389 8.000% senior unsecured notes due 2027 1,000,000 5,809 994,191 1,000,000 6,592 993,408 7.750% senior unsecured notes due 2028 690,890 8,512 682,378 720,975 9,678 711,297 5.875% Alkali senior secured notes due 2042 425,000 22,796 402,204 — — — Total long-term debt $ 3,370,769 $ 45,543 $ 3,325,226 $ 3,005,743 $ 26,238 $ 2,979,505 (1) Unamortized debt issuance costs associated with our Revolving Loan, as defined below (included in “Other Assets, net of amortization” on the Unaudited Condensed Consolidated Balance Sheets), under our senior secured credit facility were $3.7 million and $4.7 million as of June 30, 2022 and December 31, 2021, respectively. Senior Secured Credit Facility On April 8, 2021, we entered into the Fifth Amended and Restated Credit Agreement (the “credit agreement”) to replace our Fourth Amended and Restated Credit Agreement, which provides for a $950 million senior secured credit facility, comprised of a revolving loan facility with a borrowing capacity of $650 million (the “Revolving Loan”) and a term loan facility of $300 million (the “Term Loan”). We repaid the Term Loan in full on November 17, 2021 with a portion of the proceeds received from our sale of a 36% minority interest in CHOPS ( Note 10 ). The credit agreement matures on March 15, 2024, subject to extension at our request for one additional year on up to two occasions and subject to certain conditions. On May 17, 2022, we entered into our Second Amendment and Consent to the credit agreement (the “credit agreement amendment”). This credit agreement amendment, among other things, permitted the entry into and performance of the transactions and agreements secured by the ORRI Interests (as defined below) and replaced our existing LIBOR rate based borrowings with Term SOFR rate, which is a forward looking term rate based on SOFR, discussed in further detail below. At June 30, 2022, the key terms for rates under our Revolving Loan (which are dependent on our leverage ratio as defined in the credit agreement amendment) are as follows: • The interest rate on borrowings may be based on an alternate base rate or Term SOFR, at our option. Interest on alternate base rate loans is equal to the sum of (a) the highest of (i) the prime rate in effect on such day, (ii) the federal funds effective rate in effect on such day plus 0.5% and (iii) the Adjusted Term SOFR (as defined in our credit agreement amendment) for a one-month tenor in effect on such day plus 1% and (b) the applicable margin. The Adjusted Term SOFR is equal to the sum of (a) the Term SOFR rate (as defined in our credit agreement amendment) for such period plus (b) the Term SOFR Adjustment of 0.1% plus (c) the applicable margin. The applicable margin varies from 2.25% to 3.75% on Term SOFR borrowings and from 1.25% to 2.75% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At June 30, 2022, the applicable margins on our borrowings were 2.50% for alternate base rate borrowings and 3.50% for Term SOFR borrowings based on our leverage ratio. • Letter of credit fee rates range from 2.25% to 3.75% based on our leverage ratio as computed under the credit agreement and can fluctuate quarterly. At June 30, 2022, our letter of credit rate was 3.50%. • We pay a commitment fee on the unused portion of the Revolving Loan. The commitment fee rates on the unused committed amount will range from 0.30% to 0.50% per annum depending on our leverage ratio. At June 30, 2022, our commitment fee rate on the unused committed amount was 0.50%. • We have the ability to increase the aggregate size of the Revolving Loan by an additional $200 million, subject to lender consent and certain other customary conditions. At June 30, 2022, we had $34.6 million outstanding under our Revolving Loan, with $14.3 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 $4.5 million was outstanding at June 30, 2022. Due to the revolving nature of loans under our Revolving Loan, additional borrowings, periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our Revolving Loan at June 30, 2022 was $610.9 million, subject to compliance with covenants. Our credit agreement does not include a “borrowing base” limitation except with respect to our inventory loans. Alkali Senior Secured Notes Issuance and Related Transactions On May 17, 2022, Genesis Energy, L.P., through its newly created wholly-owned unrestricted subsidiary, GA ORRI, LLC (“GA ORRI”), issued $425 million principal amount of our 5.875% senior secured notes due 2042 (the “Alkali senior secured notes”) to certain institutional investors (the “Notes Offering”), secured by GA ORRI’s fifty-year limited term overriding royalty interest in substantially all of the Alkali Business’ trona mineral leases (the “ORRI Interests”). Interest payments are due on the last day of each quarter with the initial interest payment due on June 30, 2022. The agreement governing the Alkali senior secured notes also requires principal repayments on the last day of each quarter commencing with the first quarter of 2024. Principal repayments totaling $46.2 million are due within the next five years, with the remaining quarterly principal repayments due thereafter through March 31, 2042, as outlined in the agreement governing the Alkali senior secured notes. The issuance generated net proceeds of $408 million, net of the issuance discount of $17 million. We transferred $18.4 million of the net proceeds into a liquidity reserve account owned by GA ORRI to be held as collateral for future interest and principal payments as calculated and described in the agreement governing the Alkali senior secured notes, which proceeds held in the reserve account are classified as “Restricted cash” on the Unaudited Condensed Consolidated Balance Sheet. We used a portion of the remaining net proceeds from the issuance to fully redeem the outstanding Alkali Holdings preferred units (as defined and further discussed in Note 10 ) and utilized the remainder to repay a portion of the outstanding borrowings under the credit agreement. Additionally, on May 17, 2022, as noted above, we entered into our credit agreement amendment. This amendment also designated GA ORRI and its direct parent, GA ORRI Holdings, LLC (“GA ORRI Holdings”), as unrestricted subsidiaries under our credit agreement. We also designated GA ORRI and GA ORRI Holdings as unrestricted subsidiaries under the indentures governing our 5.625% senior notes due 2024, 6.50% senior notes due 2025, 6.250% senior notes due 2026, 2027 Notes (defined below) and 7.750% senior notes due 2028. On May 17, we also reclassified the subsidiaries originally held by our Alkali Business as restricted subsidiaries under our credit agreement and under the indentures governing our senior unsecured notes. Senior Unsecured Note Transactions On December 17, 2020, we issued $750 million in aggregate principal amount of our 8.00% senior unsecured notes due January 15, 2027 (the “2027 Notes”). Interest payments are due on January 15 and July 15 of each year with the initial interest payment due on July 15, 2021. The issuance generated net proceeds of approximately $737 million, net of issuance costs incurred. We used $316.5 million of the net proceeds to repay the portion of the 6.00% senior unsecured notes due May 15, 2023 (the “2023 Notes”) (including principal, accrued interest and tender premium) that were validly tendered, and the remaining proceeds were used to repay a portion of the borrowings outstanding under our revolving credit facility. On January 19, 2021, we redeemed the remaining principal balance outstanding on our 2023 Notes of $80.9 million in accordance with the terms and conditions of the indenture governing the 2023 Notes. We incurred a total loss of approximately $1.6 million relating to the extinguishment of our remaining 2023 Notes, inclusive of the redemption fee and the write-off of the related unamortized debt issuance costs, which is recorded in “Other income (expense)” in our Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2021. On April 22, 2021, we completed our offering of an additional $250 million in aggregate principal amount of our 2027 Notes. The notes constitute an additional issuance of our existing 2027 Notes that we issued on December 17, 2020 in an aggregate principal amount of $750 million. The additional $250 million of notes have identical terms as (other than with respect to the issue price) and constitute part of the same series of the 2027 Notes. The $250 million of the 2027 Notes were issued at a premium of 103.75% plus accrued interest from December 17, 2020. We used the net proceeds from the offering for general partnership purposes, including repaying a portion of the revolving borrowings outstanding under our credit agreement. During 2022, we repurchased certain of our senior unsecured notes on the open market and recorded cancellation of debt income of $4.7 million for the three and six months ended June 30, 2022. These are recorded within “Other income (expense)” in our Unaudited Consolidated Statements of Operations. Our $2.9 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 |
Net Loss Per Common Unit
Net Loss Per Common Unit | 6 Months Ended |
Jun. 30, 2022 | |
Net Income per Common Unit [Abstract] | |
Net Loss Per Common Unit | Net Income (Loss) Per Common Unit Basic net income (loss) per common unit is computed by dividing Net Income (Loss) Attributable to Genesis Energy, L.P., after considering income attributable to our Class A preferred unitholders, by the weighted average number of common units outstanding. The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, the Class A Convertible Preferred Units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income per common unit calculation for the period being presented. Distributions declared in the period and undeclared distributions that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. For the three and six months ended June 30, 2022 and 2021, the effect of the assumed conversion of the 25,336,778 Class A Convertible Preferred Units was anti-dilutive and was not included in the computation of diluted earnings per unit. The following table reconciles Net income (loss) attributable to Genesis Energy, L.P. and weighted average units used in computing basic and diluted net income (loss) per common unit (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income (loss) attributable to Genesis Energy, L.P. $ 35,347 $ (41,682) $ 30,097 $ (75,906) Less: Accumulated distributions attributable to Class A Convertible Preferred Units (18,684) (18,684) (37,368) (37,368) Net income (loss) attributable to common unitholders $ 16,663 $ (60,366) $ (7,271) $ (113,274) Weighted average outstanding units 122,579 122,579 122,579 122,579 Basic and diluted net income (loss) per common unit $ 0.14 $ (0.49) $ (0.06) $ (0.92) |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
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 the processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur and the selling of the related by-product, NaHS; • Onshore facilities and transportation – terminalling, blending, storing, marketing and transporting crude oil and petroleum products (primarily fuel oil, asphalt and other heavy refined products); and • Marine transportation – marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined 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, amortization and accretion) and segment general and administrative expenses, net of the effects of our noncontrolling interests, plus our equity in distributable cash generated by our equity investees and unrestricted subsidiaries. In addition, our Segment Margin definition excludes the non-cash effects of our long-term incentive compensation plan and includes the non-income portion of payments received under our previously owned direct financing lease. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | Transactions with Related Parties The transactions with related parties were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenues: Revenues from services and fees to Poseidon (1) $ 3,860 $ 3,242 $ 7,098 $ 7,028 Revenues from product sales to ANSAC 97,328 71,329 185,510 139,284 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 330 $ 330 Charges for services from Poseidon (1) 254 238 509 478 Charges for services from ANSAC 2,340 519 3,185 697 (1) We own a 64% interest in Poseidon. 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. Transactions with Unconsolidated Affiliates Poseidon We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the three and six months ended June 30, 2022 include $2.4 million and $4.9 million, respectively, of fees we earned through the provision of services under that agreement. Our revenues for the three and six months ended June 30, 2021 include $2.4 million and $4.7 million, respectively, of fees we earned through the provision of services under that agreement. At June 30, 2022 and December 31, 2021, Poseidon owed us $1.5 million and $2.4 million, respectively, for services rendered. 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. ANSAC is considered a variable interest entity (VIE) because we experience certain risks and rewards from our relationship with them. As we do not exercise control over ANSAC and are not considered its primary beneficiary, we do not consolidate ANSAC. The ANSAC membership agreement provides that in the event an ANSAC member exits or the ANSAC cooperative is dissolved, the exiting members are obligated for their respective portion of the residual net assets or deficit of the cooperative. As of June 30, 2022, such amount is not material to us. Net Sales to ANSAC were $97.3 million and $185.5 million, respectively, during the three and six months ended June 30, 2022 and were $71.3 million and $139.3 million, respectively, during the three and six months ended June 30, 2021. The costs charged to us by ANSAC, included in sodium minerals and sulfur services operating costs, were $2.3 million and $3.2 million, respectively, during the three and six months ended June 30, 2022 and were $0.5 million and $0.7 million, respectively, during the three and six months ended June 30, 2021. Receivables from and payables to ANSAC as of June 30, 2022 and December 31, 2021 are as follows: June 30, December 31, 2022 2021 Accounts receivable - trade, net: ANSAC $ 89,923 $ 64,799 Accounts payable - trade: ANSAC $ 2,340 $ 116 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2022 | |
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. Six Months Ended 2022 2021 (Increase) decrease in: Accounts receivable $ (48,267) $ (77,785) Inventories (11,604) 21,550 Deferred charges 34,022 9,823 Other current assets (960) (4,835) Increase (decrease) in: Accounts payable (3,720) 49,809 Accrued liabilities 4,299 32,710 Net changes in components of operating assets and liabilities $ (26,230) $ 31,272 Payments of interest and commitment fees were $114.6 million and $78.0 million for the six months ended June 30, 2022 and June 30, 2021, respectively. The increase in interest payments during 2022 is primarily related to the timing of interest payments on our senior unsecured notes, specifically our 2027 Notes, as we made an interest payment in January 2022. The first interest payment made on our 2027 Notes was in July 2021. We capitalized interest of $5.9 million and $1.4 million during the six months ended June 30, 2022 and June 30, 2021, respectively. At June 30, 2022 and June 30, 2021, we had incurred liabilities for fixed and intangible asset additions totaling $35.5 million and $71.5 million, respectively, that had not been paid at the end of the quarter. Therefore, these amounts 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. The amounts as of June 30, 2022 principally relate to the capital expenditures associated with our GOP ( Note 10 ) and offshore growth capital projects. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
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 (exchange-traded futures, options and swap contracts) to hedge our exposure to commodity prices, primarily of crude oil, fuel oil, natural gas 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 exchange-traded derivative contracts; therefore, we do not designate derivative contracts utilized to limit our price risk related to petroleum 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 within “Onshore facilities and transportation costs - product costs” in the Unaudited Condensed Consolidated Statements of Operations. In accordance with exchange requirements, we fund the margin associated with our exchange-traded commodity derivative contracts. The amount of the margin is adjusted daily based on the fair value of the commodity derivative contracts. Margin requirements are intended to mitigate a party’s exposure to market volatility and counterparty credit risk. We offset fair value amounts recorded for our exchange-traded derivative contracts against required margin funding in “Current Assets - Other” in our Unaudited Condensed Consolidated Balance Sheets. Additionally, we utilize 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, future purchase contracts and option 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 natural gas derivative contracts as increases or decreases within “Sodium minerals and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations. At June 30, 2022, we had the following outstanding commodity derivative commodity contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases. Sell (Short) Buy (Long) Designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 Bbls) 115 — Weighted average contract price per Bbl $ 117.88 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 Bbls) 122 128 Weighted average contract price per Bbl $ 107.36 $ 107.84 Natural gas swaps: Contract volumes (10,000 MMBtu) — 230 Weighted average price differential per MMBtu $ — $ 0.003 Natural gas futures: Contract volumes (10,000 MMBtu) 93 265 Weighted average contract price per MMBtu $ 7.04 $ 4.67 Natural gas options: Contract volumes (10,000 MMBtu) 84 25 Weighted average premium received/paid $ 0.57 $ 0.05 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 the cash margin balance required to maintain our exchange-traded derivative contracts also affect cash flows from operating activities. The following tables reflect the estimated fair value position of our derivatives at June 30, 2022 and December 31, 2021: Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value June 30, December 31, 2021 Asset Derivatives: Natural Gas Swap (undesignated hedge) Current Assets - Other 135 1,867 Commodity derivatives - futures and put and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 4,100 $ 310 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (819) (310) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ 3,281 $ — Commodity derivatives - futures (designated hedges): Gross amount of recognized assets Current Assets - Other $ 1,715 $ 49 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (407) (49) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ 1,308 $ — Liability Derivatives: Preferred Distribution Rate Reset Election (2) Other long-term liabilities (76,817) (83,210) Natural Gas Swap (undesignated hedge) Current Liabilities -Accrued Liabilities (810) (608) Commodity derivatives - futures and put and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (819) $ (2,380) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 819 2,380 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ — Commodity derivatives - futures (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (407) $ (209) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 407 209 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ — (1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under “Current Assets - Other”. (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 our cash margin balance. 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 margin balance and the fair value of our open derivatives) is compared to our initial margin requirement resulting in the payment or return of variation margin. As of June 30, 2022, we had a net broker receivable of approximately $1.4 million (consisting of initial margin of $2.8 million decreased by $1.5 million variation margin). As of December 31, 2021, we had a net broker receivable of approximately $2.9 million (consisting of initial margin of $2.1 million increased by $0.8 million of variation margin). At June 30, 2022 and December 31, 2021, 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 Class A Convertible Preferred Units may make a one-time election to reset the quarterly distribution amount (a “Rate Reset Election”) to a cash amount per Class A Convertible Preferred Unit equal to the amount that would be payable per quarter if a Class A Convertible 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 Class A Convertible 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 income (expense)” in our Unaudited Condensed Consolidated Statement of Operations. At June 30, 2022, the fair value of this embedded derivative was a liability of $76.8 million. See Note 10 for additional information regarding our Class A Convertible 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 Six Months Ended 2022 2021 2022 2021 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ 634 $ (1,563) $ (536) $ (7,460) Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs 2,232 (1,779) 8,280 (5,700) Total commodity derivatives $ 2,866 $ (3,342) $ 7,744 $ (13,160) Natural Gas Swap Sodium minerals and sulfur services operating costs $ (590) $ 30 $ (1,692) $ (37) Preferred Distribution Rate Reset Election Other income (expense) $ 10,651 $ (14,344) $ 6,393 $ (32,782) |
Fair-Value Measurements
Fair-Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 5,815 $ 135 $ — $ 359 $ 1,867 $ — Liabilities $ (1,226) $ (810) $ — $ (2,589) $ (608) $ — Preferred Distribution Rate Reset Election $ — $ — $ (76,817) $ — $ — $ (83,210) 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: Balance as of December 31, 2021 $ (83,210) Net gain for the period included in earnings 6,393 Balance as of June 30, 2022 $ (76,817) 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 June 30, 2022. The fair value of the embedded derivative feature is based on a valuation model that estimates the fair value of our Class A Convertible Preferred Units with and without a Rate Reset Election. This model contains inputs, including our common unit price relative to the issuance price, the current dividend yield, the discount yield (which is adjusted periodically for relevant changes associated with the industry’s credit markets), default probabilities, equity volatility, U.S. Treasury yields and timing estimates which involve management judgment. Our equity volatility rate used to value our embedded derivative feature was 50% at June 30, 2022. 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. Due to an increase in our discount yield compared to the preceding quarter and December 31, 2021, we recorded an unrealized gain of $10.7 million and $6.4 million, respectively, for the three and six months ended June 30, 2022. Due to a decrease in our discount yield compared to the preceding quarters, we recorded an unrealized loss of $14.3 million and $32.8 million, respectively, for the three and six months ended June 30, 2021. These effects are all recorded within “Other income (expense)” on the Unaudited Condensed Consolidated Statements of Operations. See Note 15 for additional information on our derivative instruments. Other Fair Value Measurements We believe the debt outstanding under our senior secured credit facility approximates fair value as the stated rate of interest approximates current market rates of interest for similar instruments with comparable maturities. At June 30, 2022 our senior unsecured notes had a carrying value of approximately $2.9 billion and a fair value of approximately $2.6 billion compared to a carrying value and fair value of approximately $3.0 billion at December 31, 2021. 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 | 6 Months Ended |
Jun. 30, 2022 | |
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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn April 29, 2022, we entered into an agreement to sell our Independence Hub platform to a producer group in the Gulf of Mexico for gross proceeds of $40 million, of which $8 million, or 20%, is attributable and paid to our noncontrolling interest holders. We will recognize a gain of approximately $40 million, of which $8 million, or 20%, is attributable to our noncontrolling interest holders, in the second quarter 2022, as the platform asset sold had essentially no book value at the time of the sale. |
Recent Accounting Developments
Recent Accounting Developments (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | 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 Unaudited 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 (the “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, 2021 (our “Annual Report”). 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 and Proposed Accounting Pronouncements | Recent and Proposed Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (“LIBOR”) and other rates resulting from rate reform that are entered into on or before December 31, 2022. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. On May 17, 2022, we entered into our Second Amendment and Consent to the credit agreement (defined in Note 9 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables reflect the disaggregation of our revenues by major category for the six months ended June 30, 2022 and 2021, respectively: Six Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 150,153 $ — $ 132,094 $ 34,103 $ 316,350 Product Sales — 546,715 — 433,040 979,755 Refinery Services — 57,567 — — 57,567 $ 150,153 $ 604,282 $ 132,094 $ 467,143 $ 1,353,672 Six Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 137,605 $ — $ 87,957 $ 42,570 $ 268,132 Product Sales — 417,212 — 292,568 709,780 Refinery Services — 47,162 — — 47,162 $ 137,605 $ 464,374 $ 87,957 $ 335,138 $ 1,025,074 |
Schedule of Contract Asset and Liabilities Balances Activity | The table below depicts our contract asset and liability balances at December 31, 2021 and June 30, 2022: Contract Assets Contract Liabilities Current Assets- Other Accrued Liabilities Other Long-Term Liabilities Balance at December 31, 2021 $ 13,563 $ 2,619 $ 19,028 Balance at June 30, 2022 751 11,898 26,369 |
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 Onshore Facilities and Transportation Remainder of 2022 $ 38,085 $ 3,600 2023 66,418 7,200 2024 59,637 1,800 2025 63,279 — 2026 45,131 — Thereafter 57,612 — Total $ 330,162 $ 12,600 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Components of Inventories | The major components of inventories were as follows: June 30, December 31, 2021 Petroleum products $ — $ 998 Crude oil 20,767 11,834 Caustic soda 10,031 5,690 NaHS 20,232 17,040 Raw materials - Alkali operations 6,948 7,599 Work-in-process - Alkali operations 7,010 7,496 Finished goods, net - Alkali operations 12,633 13,681 Materials and supplies, net - Alkali operations 14,213 13,620 Total $ 91,834 $ 77,958 |
Fixed Assets, Mineral Leaseho_2
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Schedule of Fixed Assets | Fixed assets consisted of the following: June 30, 2022 December 31, 2021 Crude oil and natural gas pipelines and related assets $ 2,839,496 $ 2,839,443 Alkali facilities, machinery and equipment 684,289 670,880 Onshore facilities, machinery and equipment 269,139 269,245 Transportation equipment 21,216 21,106 Marine vessels 1,016,892 1,018,284 Land, buildings and improvements 228,725 227,540 Office equipment, furniture and fixtures 26,992 23,965 Construction in progress 471,595 350,137 Other 41,168 43,440 Fixed assets, at cost 5,599,512 5,464,040 Less: Accumulated depreciation (1,661,837) (1,551,855) Net fixed assets $ 3,937,675 $ 3,912,185 |
Schedule of Mineral Leaseholds | Our Mineral Leaseholds, relating to our Alkali Business, consist of the following: June 30, 2022 December 31, 2021 Mineral leaseholds $ 566,019 $ 566,019 Less: Accumulated depletion (18,948) (17,014) Mineral leaseholds, net of accumulated depletion $ 547,071 $ 549,005 |
Schedule of Depreciation and Depletion Expense | Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Depreciation expense $ 70,033 $ 64,148 $ 135,783 $ 126,850 Depletion expense 914 704 1,934 1,616 |
Schedule of Change in Asset Retirement Obligation | The following table presents information regarding our AROs since December 31, 2021: ARO liability balance, December 31, 2021 $ 220,906 Accretion expense 6,871 Changes in estimate 2,383 Settlements (9,798) ARO liability balance, June 30, 2022 $ 220,362 |
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 2022 $ 6,291 2023 $ 10,583 2024 $ 9,767 2025 $ 10,469 2026 $ 8,216 |
Equity Investees (Tables)
Equity Investees (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended 2022 2021 2022 2021 Genesis’ share of operating earnings $ 18,138 $ 18,094 $ 34,148 $ 42,627 Amortization of differences attributable to Genesis’ carrying value of equity investments (3,566) (3,872) (7,132) (7,745) Net equity in earnings $ 14,572 $ 14,222 $ 27,016 $ 34,882 Distributions received (1) $ 18,732 $ 21,914 $ 37,750 $ 51,430 (1) Includes distributions attributable to the period and received during or promptly following such period. |
Schedule of Balance Sheet Information for Equity Investees | The following tables present the unaudited balance sheets and statements of operations information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”) (which we own 64% of and is our most significant equity investment): June 30, December 31, 2021 BALANCE SHEETS DATA: Assets Current assets $ 21,115 $ 17,827 Fixed assets, net 152,979 160,379 Other assets 11,660 6,186 Total assets $ 185,754 $ 184,392 Liabilities and equity Current liabilities $ 9,121 $ 7,668 Other liabilities 232,631 231,970 Equity (Deficit) (55,998) (55,246) Total liabilities and equity $ 185,754 $ 184,392 |
Schedule Of Operations For Equity Investees | Three Months Ended Six Months Ended 2022 2021 2022 2021 STATEMENTS OF OPERATIONS DATA: Revenues $ 35,380 $ 33,757 $ 66,569 $ 76,170 Operating income $ 25,856 $ 24,636 $ 47,809 $ 56,797 Net income $ 24,441 $ 23,610 $ 45,348 $ 54,755 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Components of Intangible Assets | The following table summarizes the components of our intangible assets at the dates indicated: June 30, 2022 December 31, 2021 Gross Accumulated Carrying Gross Accumulated Carrying Marine contract intangibles $ 800 $ 625 $ 175 $ 800 $ 607 $ 193 Offshore pipeline contract intangibles 158,101 57,554 100,547 158,101 53,394 104,707 Other 42,735 16,757 25,978 37,933 15,770 22,163 Total $ 201,636 $ 74,936 $ 126,700 $ 196,834 $ 69,771 $ 127,063 |
Schedule of Amortization Expense | Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Amortization of intangible assets $ 2,577 $ 2,580 $ 5,165 $ 5,180 |
Schedule of Expected Amortization Expense | We estimate that our amortization expense for the next five years will be as follows: Remainder of 2022 $ 6,110 2023 $ 11,983 2024 $ 11,618 2025 $ 11,393 2026 $ 11,093 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our obligations under debt arrangements consisted of the following: June 30, 2022 December 31, 2021 Principal Unamortized Premium, Discount and Debt Issuance Costs Net Value Principal Unamortized Premium and Debt Issuance Costs Net Value Senior secured credit facility-Revolving Loan (1) $ 34,600 $ — $ 34,600 $ 49,000 $ — $ 49,000 5.625% senior unsecured notes due 2024 341,135 1,678 339,457 341,135 2,106 339,029 6.500% senior unsecured notes due 2025 534,834 3,858 530,976 534,834 4,452 530,382 6.250% senior unsecured notes due 2026 344,310 2,890 341,420 359,799 3,410 356,389 8.000% senior unsecured notes due 2027 1,000,000 5,809 994,191 1,000,000 6,592 993,408 7.750% senior unsecured notes due 2028 690,890 8,512 682,378 720,975 9,678 711,297 5.875% Alkali senior secured notes due 2042 425,000 22,796 402,204 — — — Total long-term debt $ 3,370,769 $ 45,543 $ 3,325,226 $ 3,005,743 $ 26,238 $ 2,979,505 (1) Unamortized debt issuance costs associated with our Revolving Loan, as defined below (included in “Other Assets, net of amortization” on the Unaudited Condensed Consolidated Balance Sheets), under our senior secured credit facility were $3.7 million and $4.7 million as of June 30, 2022 and December 31, 2021, respectively. |
Partners' Capital, Mezzanine Ca
Partners' Capital, Mezzanine Capital and Distributions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Paid Distributions | We paid or will pay the following cash distributions to our common unitholders in 2021 and 2022: Distribution For Date Paid Per Unit Total 2021 1 st Quarter May 14, 2021 $ 0.15 $ 18,387 2 nd Quarter August 13, 2021 $ 0.15 $ 18,387 3 rd Quarter November 12, 2021 $ 0.15 $ 18,387 4 th Quarter February 14, 2022 $ 0.15 $ 18,387 2022 1 st Quarter May 13, 2022 $ 0.15 $ 18,387 2 nd Quarter August 12, 2022 (1) $ 0.15 $ 18,387 (1) This distribution was declared on July 12, 2022 and will be paid to unitholders of record as of July 29, 2022. We paid or will pay the following cash distributions to our Class A Convertible Preferred unitholders in 2021 and 2022: Distribution For Date Paid Per Unit Total 2021 1 st Quarter May 14, 2021 $ 0.7374 $ 18,684 2 nd Quarter August 13, 2021 $ 0.7374 $ 18,684 3 rd Quarter November 12, 2021 $ 0.7374 $ 18,684 4 th Quarter February 14, 2022 $ 0.7374 $ 18,684 2022 1 st Quarter May 13, 2022 $ 0.7374 $ 18,684 2 nd Quarter August 12, 2022 (1) $ 0.7374 $ 18,684 (1) This distribution was declared on July 12, 2022 and will be paid to unitholders of record as of July 29, 2022. |
Schedule of Changes in Redeemable Noncontrolling Interest | The following table shows the change in our redeemable noncontrolling interest balance from December 31, 2021 to June 30, 2022: Balance as of December 31, 2021 $ 259,568 Issuance of preferred units, net of issuance costs (1) 5,249 PIK distribution 9,993 Redemption accretion 1,908 Tax distributions (1) (6,631) Adjustment to Base Preferred Return Amount 18,542 Redemption of preferred units on May 17, 2022 (288,629) Balance as of June 30, 2022 $ — (1) During the period ended June 30, 2022, we issued 5,356 Alkali Holdings preferred units to BXC to satisfy the Company’s obligation to pay tax distributions. |
Net Loss Per Common Unit (Table
Net Loss Per Common Unit (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Net Income per Common Unit [Abstract] | |
Schedule of Computation of Earnings Per Share, Basic and Diluted | The following table reconciles Net income (loss) attributable to Genesis Energy, L.P. and weighted average units used in computing basic and diluted net income (loss) per common unit (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income (loss) attributable to Genesis Energy, L.P. $ 35,347 $ (41,682) $ 30,097 $ (75,906) Less: Accumulated distributions attributable to Class A Convertible Preferred Units (18,684) (18,684) (37,368) (37,368) Net income (loss) attributable to common unitholders $ 16,663 $ (60,366) $ (7,271) $ (113,274) Weighted average outstanding units 122,579 122,579 122,579 122,579 Basic and diluted net income (loss) per common unit $ 0.14 $ (0.49) $ (0.06) $ (0.92) |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Segment margin (a) $ 118,980 $ 71,701 $ 11,018 $ 17,573 $ 219,272 Capital expenditures (b) $ 44,369 $ 38,920 $ 1,780 $ 4,070 $ 89,139 Revenues: External customers $ 82,085 $ 321,192 $ 242,131 $ 76,317 $ 721,725 Intersegment (c) — (2,584) 2,581 3 — Total revenues of reportable segments $ 82,085 $ 318,608 $ 244,712 $ 76,320 $ 721,725 Three Months Ended June 30, 2021 Segment margin (a) $ 83,106 $ 38,194 $ 22,368 $ 8,468 $ 152,136 Capital expenditures (b) $ 19,421 $ 80,560 $ 2,487 $ 11,157 $ 113,625 Revenues: External customers $ 73,221 $ 239,258 $ 144,406 $ 46,970 $ 503,855 Intersegment (c) — (2,171) 1,515 656 — Total revenues of reportable segments $ 73,221 $ 237,087 $ 145,921 $ 47,626 $ 503,855 Six Months Ended June 30, 2022 Segment Margin (1) $ 189,884 $ 139,076 $ 18,054 $ 29,710 $ 376,724 Capital expenditures (2) $ 79,810 $ 65,246 $ 2,517 $ 14,129 $ 161,702 Revenues: External customers $ 150,153 $ 609,200 $ 462,426 $ 131,893 $ 1,353,672 Intersegment (3) — (4,918) 4,717 201 — Total revenues of reportable segments $ 150,153 $ 604,282 $ 467,143 $ 132,094 $ 1,353,672 Six June Months Ended June 30, 2021 Segment Margin (1) $ 167,375 $ 81,914 $ 43,367 $ 15,577 $ 308,233 Capital expenditures (2) $ 30,949 $ 90,598 $ 3,586 $ 22,871 $ 148,004 Revenues: External customers $ 137,605 $ 468,564 $ 332,556 $ 86,349 $ 1,025,074 Intersegment (3) — (4,190) 2,582 1,608 — Total revenues of reportable segments $ 137,605 $ 464,374 $ 335,138 $ 87,957 $ 1,025,074 (1) A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin for the periods is presented below. (2) 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 contributions to equity investees, if any. (3) Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Total assets by reportable segment were as follows: June 30, December 31, 2021 Offshore pipeline transportation $ 2,142,264 $ 2,103,140 Sodium minerals and sulfur services 2,195,737 2,132,588 Onshore facilities and transportation 868,779 923,064 Marine transportation 705,265 703,030 Other assets 59,415 43,979 Total consolidated assets $ 5,971,460 $ 5,905,801 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule Of Transactions with Related Parties | The transactions with related parties were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenues: Revenues from services and fees to Poseidon (1) $ 3,860 $ 3,242 $ 7,098 $ 7,028 Revenues from product sales to ANSAC 97,328 71,329 185,510 139,284 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 330 $ 330 Charges for services from Poseidon (1) 254 238 509 478 Charges for services from ANSAC 2,340 519 3,185 697 (1) We own a 64% interest in Poseidon. Receivables from and payables to ANSAC as of June 30, 2022 and December 31, 2021 are as follows: June 30, December 31, 2022 2021 Accounts receivable - trade, net: ANSAC $ 89,923 $ 64,799 Accounts payable - trade: ANSAC $ 2,340 $ 116 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Net Changes In Components of Operating Assets and Liabilities | The following table provides information regarding the net changes in components of operating assets and liabilities. Six Months Ended 2022 2021 (Increase) decrease in: Accounts receivable $ (48,267) $ (77,785) Inventories (11,604) 21,550 Deferred charges 34,022 9,823 Other current assets (960) (4,835) Increase (decrease) in: Accounts payable (3,720) 49,809 Accrued liabilities 4,299 32,710 Net changes in components of operating assets and liabilities $ (26,230) $ 31,272 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At June 30, 2022, we had the following outstanding commodity derivative commodity contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases. Sell (Short) Buy (Long) Designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 Bbls) 115 — Weighted average contract price per Bbl $ 117.88 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 Bbls) 122 128 Weighted average contract price per Bbl $ 107.36 $ 107.84 Natural gas swaps: Contract volumes (10,000 MMBtu) — 230 Weighted average price differential per MMBtu $ — $ 0.003 Natural gas futures: Contract volumes (10,000 MMBtu) 93 265 Weighted average contract price per MMBtu $ 7.04 $ 4.67 Natural gas options: Contract volumes (10,000 MMBtu) 84 25 Weighted average premium received/paid $ 0.57 $ 0.05 |
Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value position of our derivatives at June 30, 2022 and December 31, 2021: Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value June 30, December 31, 2021 Asset Derivatives: Natural Gas Swap (undesignated hedge) Current Assets - Other 135 1,867 Commodity derivatives - futures and put and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 4,100 $ 310 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (819) (310) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ 3,281 $ — Commodity derivatives - futures (designated hedges): Gross amount of recognized assets Current Assets - Other $ 1,715 $ 49 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (407) (49) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ 1,308 $ — Liability Derivatives: Preferred Distribution Rate Reset Election (2) Other long-term liabilities (76,817) (83,210) Natural Gas Swap (undesignated hedge) Current Liabilities -Accrued Liabilities (810) (608) Commodity derivatives - futures and put and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (819) $ (2,380) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 819 2,380 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ — Commodity derivatives - futures (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (407) $ (209) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 407 209 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ — (1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under “Current Assets - Other”. (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 Six Months Ended 2022 2021 2022 2021 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ 634 $ (1,563) $ (536) $ (7,460) Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs 2,232 (1,779) 8,280 (5,700) Total commodity derivatives $ 2,866 $ (3,342) $ 7,744 $ (13,160) Natural Gas Swap Sodium minerals and sulfur services operating costs $ (590) $ 30 $ (1,692) $ (37) Preferred Distribution Rate Reset Election Other income (expense) $ 10,651 $ (14,344) $ 6,393 $ (32,782) |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Placement of Assets and Liabilities Within the Fair Value Hierarchy Levels | The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 5,815 $ 135 $ — $ 359 $ 1,867 $ — Liabilities $ (1,226) $ (810) $ — $ (2,589) $ (608) $ — Preferred Distribution Rate Reset Election $ — $ — $ (76,817) $ — $ — $ (83,210) |
Schedule of 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: Balance as of December 31, 2021 $ (83,210) Net gain for the period included in earnings 6,393 Balance as of June 30, 2022 $ (76,817) |
Organization and Basis of Pre_2
Organization and Basis of Presentation and Consolidation (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 4 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 721,725 | $ 503,855 | $ 1,353,672 | $ 1,025,074 |
Fee-based Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 178,876 | 139,023 | 316,350 | 268,132 |
Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 512,181 | 340,179 | 979,755 | 709,780 |
Refinery Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 30,668 | 24,653 | 57,567 | 47,162 |
Offshore Pipeline Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 82,085 | 73,221 | 150,153 | 137,605 |
Offshore Pipeline Transportation [Member] | Fee-based Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 82,085 | 73,221 | 150,153 | 137,605 |
Offshore Pipeline Transportation [Member] | Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Offshore Pipeline Transportation [Member] | Refinery Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Sodium Minerals and Sulfur Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 318,608 | 237,087 | 604,282 | 464,374 |
Sodium Minerals and Sulfur Services [Member] | Fee-based Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Sodium Minerals and Sulfur Services [Member] | Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 287,940 | 212,434 | 546,715 | 417,212 |
Sodium Minerals and Sulfur Services [Member] | Refinery Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 30,668 | 24,653 | 57,567 | 47,162 |
Marine Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 76,320 | 47,626 | 132,094 | 87,957 |
Marine Transportation [Member] | Fee-based Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 76,320 | 47,626 | 132,094 | 87,957 |
Marine Transportation [Member] | Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Marine Transportation [Member] | Refinery Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Onshore Facilities and Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 244,712 | 145,921 | 467,143 | 335,138 |
Onshore Facilities and Transportation [Member] | Fee-based Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 20,471 | 18,176 | 34,103 | 42,570 |
Onshore Facilities and Transportation [Member] | Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 224,241 | 127,745 | 433,040 | 292,568 |
Onshore Facilities and Transportation [Member] | Refinery Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Contract A
Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Contract Liability, Accrued Liabilities | $ 11,898 | $ 2,619 |
Contract Assets, Current Assets-Other | 751 | 13,563 |
Contract Liabilities, Other Long-Term Liabilities | $ 26,369 | $ 19,028 |
Revenue Recognition (Revenue Ex
Revenue Recognition (Revenue Expected to be Recognized in Future Periods) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Offshore Pipeline Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 330,162 |
Onshore Facilities and Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | 12,600 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Offshore Pipeline Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 38,085 |
Revenue expected timing of satisfaction period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Onshore Facilities and Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 3,600 |
Revenue expected timing of satisfaction period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Offshore Pipeline Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 66,418 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Onshore Facilities and Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 7,200 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Offshore Pipeline Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 59,637 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Onshore Facilities and Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 1,800 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Offshore Pipeline Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 63,279 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Onshore Facilities and Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 0 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Offshore Pipeline Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 45,131 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Onshore Facilities and Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 0 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Offshore Pipeline Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 57,612 |
Revenue expected timing of satisfaction period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Onshore Facilities and Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 0 |
Revenue expected timing of satisfaction period |
Lease Accounting (Details)
Lease Accounting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Marine Transportation [Member] | M/T American Phoenix [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease income | $ 4,600 | $ 3,800 | $ 8,700 | $ 7,200 |
Inventories (Major Components o
Inventories (Major Components of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Petroleum products | $ 0 | $ 998 |
Crude oil | 20,767 | 11,834 |
Caustic soda | 10,031 | 5,690 |
NaHS | 20,232 | 17,040 |
Raw materials - Alkali operations | 6,948 | 7,599 |
Work-in-process - Alkali operations | 7,010 | 7,496 |
Finished goods, net - Alkali operations | 12,633 | 13,681 |
Materials and supplies, net - Alkali operations | 14,213 | 13,620 |
Total | $ 91,834 | $ 77,958 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Inventory write-down | $ 0 | $ 2 |
Fixed Assets, Mineral Leaseho_3
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Fixed Assets, Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 5,599,512 | $ 5,464,040 |
Less: Accumulated depreciation | (1,661,837) | (1,551,855) |
Net fixed assets | 3,937,675 | 3,912,185 |
Crude oil and natural gas pipelines and related assets | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 2,839,496 | 2,839,443 |
Onshore facilities, machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 269,139 | 269,245 |
Onshore facilities, machinery and equipment | Alkali Business | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 684,289 | 670,880 |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 21,216 | 21,106 |
Marine vessels | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 1,016,892 | 1,018,284 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 228,725 | 227,540 |
Office equipment, furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 26,992 | 23,965 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 471,595 | 350,137 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 41,168 | $ 43,440 |
Fixed Assets, Mineral Leaseho_4
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Mineral Leaseholds) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||
Mineral leaseholds | $ 566,019 | $ 566,019 |
Less: Accumulated depletion | (18,948) | (17,014) |
Mineral leaseholds, net of accumulated depletion | $ 547,071 | $ 549,005 |
Fixed Assets, Mineral Leaseho_5
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||||
Depreciation expense | $ 70,033 | $ 64,148 | $ 135,783 | $ 126,850 |
Depletion expense | $ 914 | $ 704 | $ 1,934 | $ 1,616 |
Fixed Assets, Mineral Leaseho_6
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Asset Retirement Obligation Rollforward) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
ARO liability balance, December 31, 2021 | $ 220,906 |
Accretion expense | 6,871 |
Changes in estimate | 2,383 |
Settlements | (9,798) |
ARO liability balance, June 30, 2022 | $ 220,362 |
Fixed Assets, Mineral Leaseho_7
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Asset Retirement Obligations Details [Line Items] | ||
Asset retirement obligation balance | $ 220,362 | $ 220,906 |
Accrued Liabilities | ||
Asset Retirement Obligations Details [Line Items] | ||
Asset retirement obligation balance | $ 30,600 | $ 36,300 |
Fixed Assets, Mineral Leaseho_8
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Forecast of Accretion Expense) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Remainder of 2022 | $ 6,291 |
2023 | 10,583 |
2024 | 9,767 |
2025 | 10,469 |
2026 | $ 8,216 |
Equity Investees (Narrative) (D
Equity Investees (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Unamortized excess cost amount | $ 312.8 | $ 319.9 |
Equity Investees (Consolidated
Equity Investees (Consolidated Financial Statements Related to Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Genesis’ share of operating earnings | $ 18,138 | $ 18,094 | $ 34,148 | $ 42,627 |
Amortization of differences attributable to Genesis’ carrying value of equity investments | (3,566) | (3,872) | (7,132) | (7,745) |
Net equity in earnings | 14,572 | 14,222 | 27,016 | 34,882 |
Distributions received | $ 18,732 | $ 21,914 | $ 37,750 | $ 51,430 |
Equity Investees (Schedule of B
Equity Investees (Schedule of Balance Sheet Information for Equity Investees) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Current assets | $ 605,091 | $ 542,484 |
Fixed assets, net | 3,937,675 | 3,912,185 |
Total assets | 5,971,460 | 5,905,801 |
LIABILITIES AND CAPITAL | ||
Current liabilities | 509,455 | 496,939 |
Total liabilities and equity | 5,971,460 | 5,905,801 |
Poseidon | ||
Assets | ||
Current assets | 21,115 | 17,827 |
Fixed assets, net | 152,979 | 160,379 |
Other assets | 11,660 | 6,186 |
Total assets | 185,754 | 184,392 |
LIABILITIES AND CAPITAL | ||
Current liabilities | 9,121 | 7,668 |
Other liabilities | 232,631 | 231,970 |
Equity (Deficit) | (55,998) | (55,246) |
Total liabilities and equity | $ 185,754 | $ 184,392 |
Equity Investees (Schedule of O
Equity Investees (Schedule of Operations for Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
INCOME STATEMENT DATA: | ||||
Revenues | $ 721,725 | $ 503,855 | $ 1,353,672 | $ 1,025,074 |
Operating income | 96,585 | 25,537 | 148,256 | 53,558 |
Net income | 35,347 | (41,682) | 30,097 | (75,906) |
Poseidon | ||||
INCOME STATEMENT DATA: | ||||
Revenues | 35,380 | 33,757 | 66,569 | 76,170 |
Operating income | 25,856 | 24,636 | 47,809 | 56,797 |
Net income | $ 24,441 | $ 23,610 | $ 45,348 | $ 54,755 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Components of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 201,636 | $ 196,834 |
Accumulated Amortization | 74,936 | 69,771 |
Carrying Value | 126,700 | 127,063 |
Contract intangibles | Marine Transportation [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 800 | 800 |
Accumulated Amortization | 625 | 607 |
Carrying Value | 175 | 193 |
Contract intangibles | Offshore pipeline transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 158,101 | 158,101 |
Accumulated Amortization | 57,554 | 53,394 |
Carrying Value | 100,547 | 104,707 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 42,735 | 37,933 |
Accumulated Amortization | 16,757 | 15,770 |
Carrying Value | $ 25,978 | $ 22,163 |
Intangible Assets (Schedule o_2
Intangible Assets (Schedule of Current and Future Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization of intangible assets | $ 2,577 | $ 2,580 | $ 5,165 | $ 5,180 |
Remainder of 2021 | 6,110 | 6,110 | ||
2023 | 11,983 | 11,983 | ||
2024 | 11,618 | 11,618 | ||
2025 | 11,393 | 11,393 | ||
2026 | $ 11,093 | $ 11,093 |
Debt (Schedule of Obligations U
Debt (Schedule of Obligations Under Debt Arrangements) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | May 17, 2022 | Dec. 31, 2021 | Dec. 17, 2020 |
Debt Instrument [Line Items] | ||||
Principal | $ 3,370,769 | $ 3,005,743 | ||
Unamortized Premium, Discount and Debt Issuance Costs | 45,543 | 26,238 | ||
Net Value | 3,325,226 | 2,979,505 | ||
Credit Facility | Revolving Credit Facility | Revolving Loan | ||||
Debt Instrument [Line Items] | ||||
Principal | 34,600 | 49,000 | ||
Unamortized Premium, Discount and Debt Issuance Costs | 0 | 0 | ||
Net Value | 34,600 | 49,000 | ||
Unamortized debt issuance costs | $ 3,700 | $ 4,700 | ||
Senior Notes | 5.625% senior unsecured notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 562.50% | 562.50% | ||
Principal | $ 341,135 | $ 341,135 | ||
Unamortized Premium, Discount and Debt Issuance Costs | 1,678 | 2,106 | ||
Net Value | $ 339,457 | $ 339,029 | ||
Senior Notes | 6.500% senior unsecured notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 650% | 650% | ||
Principal | $ 534,834 | $ 534,834 | ||
Unamortized Premium, Discount and Debt Issuance Costs | 3,858 | 4,452 | ||
Net Value | $ 530,976 | $ 530,382 | ||
Senior Notes | 6.250% senior unsecured notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 625% | 625% | ||
Principal | $ 344,310 | $ 359,799 | ||
Unamortized Premium, Discount and Debt Issuance Costs | 2,890 | 3,410 | ||
Net Value | $ 341,420 | $ 356,389 | ||
Senior Notes | 8.000% senior unsecured notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 800% | 800% | 8% | |
Principal | $ 1,000,000 | $ 1,000,000 | ||
Unamortized Premium, Discount and Debt Issuance Costs | 5,809 | 6,592 | ||
Net Value | $ 994,191 | $ 993,408 | ||
Senior Notes | 7.750% senior unsecured notes due 2028 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 775% | 775% | ||
Principal | $ 690,890 | $ 720,975 | ||
Unamortized Premium, Discount and Debt Issuance Costs | 8,512 | 9,678 | ||
Net Value | $ 682,378 | 711,297 | ||
Senior Notes | 5.875% Alkali senior secured notes due 2042 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 587.50% | 5.875% | ||
Principal | $ 425,000 | 0 | ||
Unamortized Premium, Discount and Debt Issuance Costs | 22,796 | 0 | ||
Net Value | $ 402,204 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||||||||
May 17, 2022 USD ($) | Nov. 16, 2021 | Apr. 22, 2021 USD ($) | Jan. 19, 2021 USD ($) | Dec. 17, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Apr. 08, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Repayment of senior unsecured notes | $ 40,837,000 | $ 80,859,000 | |||||||||
Loss on extinguishment of debt | $ (501,000) | $ 0 | 501,000 | 1,627,000 | |||||||
Cancelation of debt income | 4,737,000 | $ 0 | 4,737,000 | $ 0 | |||||||
Principal | 3,370,769,000 | 3,370,769,000 | $ 3,005,743,000 | ||||||||
Restricted cash | 18,446,000 | $ 18,446,000 | 5,005,000 | ||||||||
Cameron Highway Oil Pipeline | Affiliated Entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sale Of Stock, Percentage Of Ownership Sold | 0.36 | 0.36 | |||||||||
Senior Notes | Guarantor Subsidiary | Genesis Energy, LLC | Genesis Finance Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Guarantor obligations, current carrying value | 2,900,000,000 | $ 2,900,000,000 | |||||||||
Percentage of equity interest | 100% | ||||||||||
Senior Secured Credit Facility | Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 950,000,000 | ||||||||||
Senior Secured Credit Facility | Credit Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letter of credit, fee percentage | 3.50% | ||||||||||
Senior Secured Credit Facility | Credit Facility | Revolving Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letter of credit, fee percentage | 3.75% | ||||||||||
Senior Secured Credit Facility | Credit Facility | Revolving Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letter of credit, fee percentage | 2.25% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 650,000,000 | ||||||||||
Line of credit, unused capacity commitment fee percentage | 0.50% | ||||||||||
Credit facility, additional borrowing capacity | 200,000,000 | $ 200,000,000 | |||||||||
Credit facility, amount borrowed | 34,600,000 | 34,600,000 | |||||||||
Letters of credit, outstanding amount | 4,500,000 | 4,500,000 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 610,900,000 | 610,900,000 | |||||||||
Principal | 34,600,000 | 34,600,000 | $ 49,000,000 | ||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Petroleum Products | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, amount borrowed | 14,300,000 | $ 14,300,000 | |||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, unused capacity commitment fee percentage | 0.50% | ||||||||||
Letters of credit, outstanding amount | 100,000,000 | $ 100,000,000 | |||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, unused capacity commitment fee percentage | 0.30% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Federal Funds Effective Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Alternate Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Alternate Base Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Alternate Base Rate | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.75% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | One-month Tenor | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Term SOFR Adjustment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.10% | ||||||||||
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||||
Term Loan | Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | $ 300,000,000 | |||||||||
8.000% senior unsecured notes due 2027 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 250,000,000 | $ 750,000,000 | |||||||||
Interest rate | 8% | 800% | 800% | 800% | |||||||
Proceeds from issuance of debt | $ 737,000,000 | ||||||||||
Debt premium percentage | 103.75% | ||||||||||
Principal | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||
6.000% senior unsecured notes due 2023 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 6% | ||||||||||
Repayment of senior unsecured notes | $ 80,900,000 | ||||||||||
Loss on extinguishment of debt | $ 1,600,000 | ||||||||||
Proceeds from Issuance of Secured Debt | $ 316,500,000 | ||||||||||
5.875% Alkali senior secured notes due 2042 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.875% | 587.50% | 587.50% | ||||||||
Proceeds from issuance of debt | $ 408,000,000 | ||||||||||
Principal | $ 425,000,000 | $ 425,000,000 | $ 0 | ||||||||
Debt Issuance Costs, Gross | 17,000,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | $ 46,200,000 | ||||||||||
Restricted cash | $ 18,400,000 | $ 18,400,000 | |||||||||
5.625% senior unsecured notes due 2024 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 562.50% | 562.50% | 562.50% | ||||||||
Principal | $ 341,135,000 | $ 341,135,000 | $ 341,135,000 | ||||||||
6.500% senior unsecured notes due 2025 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 650% | 650% | 650% | ||||||||
Principal | $ 534,834,000 | $ 534,834,000 | $ 534,834,000 | ||||||||
6.250% senior unsecured notes due 2026 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 625% | 625% | 625% | ||||||||
Principal | $ 344,310,000 | $ 344,310,000 | $ 359,799,000 | ||||||||
7.750% senior unsecured notes due 2028 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 775% | 775% | 775% | ||||||||
Principal | $ 690,890,000 | $ 690,890,000 | $ 720,975,000 |
Partners' Capital, Mezzanine _2
Partners' Capital, Mezzanine Capital and Distributions (Common Cash Distributions Paid) (Details) - Common Unitholders - USD ($) $ / shares in Units, $ in Thousands | Aug. 12, 2022 | May 13, 2022 | Feb. 14, 2022 | Nov. 12, 2021 | Aug. 13, 2021 | May 14, 2021 |
Partners Capital And Distributions [Line Items] | ||||||
Date Paid | May 13, 2022 | Feb. 14, 2022 | Nov. 12, 2021 | Aug. 13, 2021 | May 14, 2021 | |
Per Unit Amount (in dollars per unit) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | |
Total Amount | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | |
Subsequent Event | Forecast | ||||||
Partners Capital And Distributions [Line Items] | ||||||
Date Paid | Aug. 12, 2022 | |||||
Per Unit Amount (in dollars per unit) | $ 0.15 | |||||
Total Amount | $ 18,387 |
Partners' Capital, Mezzanine _3
Partners' Capital, Mezzanine Capital and Distributions (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Nov. 17, 2021 USD ($) | Nov. 16, 2021 | Apr. 14, 2020 USD ($) shares | Sep. 23, 2019 USD ($) $ / shares shares | Dec. 31, 2021 shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | May 16, 2022 USD ($) shares | |
Temporary Equity [Line Items] | ||||||||||
Common units outstanding (in units) | shares | 122,579,218 | 122,579,218 | 122,579,218 | |||||||
Preferred units, accumulated distributions | $ 18,684,000 | $ 18,684,000 | $ 37,368,000 | $ 37,368,000 | ||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 22,620,000 | 5,766,000 | 30,443,000 | 10,557,000 | ||||||
Redemption accretion | $ 1,908,000 | |||||||||
Cameron Highway Oil Pipeline | Affiliated Entity | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale of Stock, Consideration Received on Transaction | $ 418,000,000 | |||||||||
Sale of Stock, Percentage of Ownership after Transaction | 64% | |||||||||
Sale Of Stock, Percentage Of Ownership Sold | 0.36 | 0.36 | ||||||||
Independence Hub, LLC | Affiliated Entity | Genesis Energy, LLC | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80% | 80% | ||||||||
Subsidiary | Alkali Holdings | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Purchase Price Per Unit | $ / shares | $ 1,000 | |||||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Units Issued, Value | $ 55,000,000 | $ 18,500,000 | ||||||||
Redeemable noncontrolling interest preferred commitment | $ 350,000,000 | |||||||||
Expansion project extension period | 1 year | |||||||||
Equity preferred units issued (in units) | shares | 1,750 | |||||||||
Commitment period | 4 years | |||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 22,600,000 | 5,800,000 | 30,400,000 | 10,600,000 | ||||||
PIK distribution | 3,400,000 | 4,900,000 | 10,000,000 | 9,000,000 | ||||||
Redemption accretion | $ 700,000 | $ 900,000 | $ 1,900,000 | $ 1,600,000 | ||||||
Redemption value of redeemable preferred noncontrolling interest | $ 288,600,000 | |||||||||
Period for occurrence of triggering events | 6 years 6 months | |||||||||
Subsidiary | Minimum | Alkali Holdings | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Redeemable noncontrolling interest preferred commitment | $ 251,800,000 | |||||||||
Subsidiary | Maximum | Alkali Holdings | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Number of preferred units outstanding (in units) | shares | 351,750 | |||||||||
Redeemable noncontrolling interest preferred commitment | $ 351,800,000 | |||||||||
Common Class A | Limited Partner [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Common units outstanding (in units) | shares | 122,539,221 | 122,539,221 | ||||||||
Common Class B | Limited Partner [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Common units outstanding (in units) | shares | 39,997 | 39,997 | ||||||||
Class A Convertible Preferred Stock Units | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Number of preferred units outstanding (in units) | shares | 25,336,778 | 25,336,778 | 25,336,778 | |||||||
Preferred units, accumulated distributions | $ 18,700,000 | $ 37,400,000 | ||||||||
Redeemable Noncontrolling Interest Preferred Units | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Number of preferred units outstanding (in units) | shares | 246,394 | |||||||||
Redeemable Noncontrolling Interest Preferred Units | Subsidiary | Alkali Holdings | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Number of preferred units outstanding (in units) | shares | 55,000 | 0 | 0 | 251,750 |
Partners' Capital, Mezzanine _4
Partners' Capital, Mezzanine Capital and Distributions (Preferred Cash Distributions Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 12, 2022 | May 13, 2022 | Feb. 14, 2022 | Nov. 12, 2021 | Aug. 13, 2021 | May 14, 2021 |
Preferred Unitholders | Class A Convertible Preferred Stock Units | ||||||
Temporary Equity [Line Items] | ||||||
Date Paid | May 13, 2022 | Feb. 14, 2022 | Nov. 12, 2021 | Aug. 13, 2021 | May 14, 2021 | |
Per Unit Amount (in dollars per unit) | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | |
Total Amount | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | |
Preferred Unitholders | Class A Convertible Preferred Stock Units | Forecast | Subsequent Event | ||||||
Temporary Equity [Line Items] | ||||||
Per Unit Amount (in dollars per unit) | $ 0.7374 | |||||
Total Amount | $ 18,684 | |||||
Common Unitholders | ||||||
Temporary Equity [Line Items] | ||||||
Date Paid | May 13, 2022 | Feb. 14, 2022 | Nov. 12, 2021 | Aug. 13, 2021 | May 14, 2021 | |
Per Unit Amount (in dollars per unit) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | |
Total Amount | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | |
Common Unitholders | Forecast | Subsequent Event | ||||||
Temporary Equity [Line Items] | ||||||
Date Paid | Aug. 12, 2022 | |||||
Per Unit Amount (in dollars per unit) | $ 0.15 | |||||
Total Amount | $ 18,387 |
Partners' Capital, Mezzanine _5
Partners' Capital, Mezzanine Capital and Distributions (Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 14, 2020 | Sep. 23, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Redeemable Noncontrolling Interest, Equity [Roll Forward] | ||||||
Balance as of December 31, 2021 | $ 259,568,000 | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Units issued value, net of issuance costs | 5,249,000 | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Distributions Paid-in-Kind | 9,993,000 | |||||
Redemption accretion | 1,908,000 | |||||
Tax distributions | (6,631,000) | |||||
Balance as of May 16, 2022 | $ 0 | 0 | ||||
Adjustment to Base Preferred Return Amount | 18,542,000 | |||||
Subsidiary | Alkali Holdings | ||||||
Redeemable Noncontrolling Interest, Equity [Roll Forward] | ||||||
Redemption accretion | $ 700,000 | $ 900,000 | 1,900,000 | $ 1,600,000 | ||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Equity preferred units issued (in units) | 1,750 | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Units Issued, Value | $ 55,000,000 | $ 18,500,000 |
Net Loss Per Common Unit (Detai
Net Loss Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Net income (loss) attributable to Genesis Energy, L.P. | $ 35,347 | $ (41,682) | $ 30,097 | $ (75,906) |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (18,684) | (18,684) | (37,368) | (37,368) |
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-BASIC | 16,663 | (60,366) | (7,271) | (113,274) |
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-DILUTED | $ 16,663 | $ (60,366) | $ (7,271) | $ (113,274) |
Basic Weighted Average Outstanding Units (in units) | 122,579,000 | 122,579,000 | 122,579,000 | 122,579,000 |
Dilutive Weighted Average Outstanding Units (in units) | 122,579,000 | 122,579,000 | 122,579,000 | 122,579,000 |
Basic Net Loss per Common Unit (in dollars per unit) | $ 0.14 | $ (0.49) | $ (0.06) | $ (0.92) |
Dilutive Net Loss per common unit (in dollars per unit) | $ 0.14 | $ (0.49) | $ (0.06) | $ (0.92) |
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 units) | 25,336,778 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Segment margin | $ 219,272 | $ 152,136 | $ 376,724 | $ 308,233 |
Total revenues | 721,725 | 503,855 | 1,353,672 | 1,025,074 |
Offshore Pipeline Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 82,085 | 73,221 | 150,153 | 137,605 |
Sodium Minerals and Sulfur Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 318,608 | 237,087 | 604,282 | 464,374 |
Onshore Facilities and Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 244,712 | 145,921 | 467,143 | 335,138 |
Marine Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 76,320 | 47,626 | 132,094 | 87,957 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 219,272 | 152,136 | 376,724 | 308,233 |
Capital expenditures | 89,139 | 113,625 | 161,702 | 148,004 |
Total revenues | 721,725 | 503,855 | 1,353,672 | 1,025,074 |
Operating Segments | Offshore Pipeline Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 118,980 | 83,106 | 189,884 | 167,375 |
Capital expenditures | 44,369 | 19,421 | 79,810 | 30,949 |
Total revenues | 82,085 | 73,221 | 150,153 | 137,605 |
Operating Segments | Sodium Minerals and Sulfur Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 71,701 | 38,194 | 139,076 | 81,914 |
Capital expenditures | 38,920 | 80,560 | 65,246 | 90,598 |
Total revenues | 321,192 | 239,258 | 609,200 | 468,564 |
Operating Segments | Onshore Facilities and Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 11,018 | 22,368 | 18,054 | 43,367 |
Capital expenditures | 1,780 | 2,487 | 2,517 | 3,586 |
Total revenues | 242,131 | 144,406 | 462,426 | 332,556 |
Operating Segments | Marine Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 17,573 | 8,468 | 29,710 | 15,577 |
Capital expenditures | 4,070 | 11,157 | 14,129 | 22,871 |
Total revenues | 76,317 | 46,970 | 131,893 | 86,349 |
Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment | Offshore Pipeline Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment | Sodium Minerals and Sulfur Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (2,584) | (2,171) | (4,918) | (4,190) |
Intersegment | Onshore Facilities and Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,581 | 1,515 | 4,717 | 2,582 |
Intersegment | Marine Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 3 | $ 656 | $ 201 | $ 1,608 |
Business Segment Information _2
Business Segment Information (Schedule of Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 5,971,460 | $ 5,905,801 |
Operating Segments | Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,142,264 | 2,103,140 |
Operating Segments | Sodium Minerals and Sulfur Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,195,737 | 2,132,588 |
Operating Segments | Onshore Facilities and Transportation [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 868,779 | 923,064 |
Operating Segments | Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 705,265 | 703,030 |
Other assets | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 59,415 | $ 43,979 |
Business Segment Information (R
Business Segment Information (Reconciliation of Segment Margin to (Loss) Income from Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 29, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting [Abstract] | |||||
Net income (loss) attributable to Genesis Energy, L.P. | $ 35,347 | $ (41,682) | $ 30,097 | $ (75,906) | |
Corporate general and administrative expenses | 21,105 | 12,359 | 36,826 | 23,511 | |
Depreciation, depletion, amortization and accretion | (76,277) | (69,684) | 149,225 | 138,681 | |
Interest expense | 55,959 | 59,169 | 111,063 | 116,998 | |
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income | (4,160) | (7,692) | 10,734 | 16,548 | |
Other non-cash items | 8,908 | (14,683) | (12,479) | 33,127 | |
Distribution from unrestricted subsidiaries not included in income | 32,000 | 17,500 | (32,000) | (35,000) | |
Loss on extinguishment of debt | (501) | 0 | 501 | 1,627 | |
Differences in timing of cash receipts for certain contractual arrangements | 16,477 | 6,446 | 24,707 | 6,745 | |
Change in provision for leased items no longer in use | 100 | 6 | (531) | 598 | |
Redeemable noncontrolling interest redemption value adjustments | 22,620 | 5,766 | 30,443 | 10,557 | |
Income tax expense | 571 | 525 | 875 | 747 | |
Total Segment Margin | 219,272 | 152,136 | 376,724 | 308,233 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Unrealized (losses) gains from valuation of embedded derivatives | 10,284 | (32,377) | |||
Gain (Loss) on Disposition of Assets | (32,000) | 0 | (32,000) | 0 | |
Net income (loss) attributable to Genesis Energy, L.P. | 35,347 | (41,682) | 30,097 | (75,906) | |
Total Segment Margin | $ 219,272 | 152,136 | $ 376,724 | 308,233 | |
Genesis Energy, LLC | Affiliated Entity | Independence Hub, LLC | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 80% | 80% | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Independence Hub, LLC | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Proceeds from Sale of Productive Assets | $ 40,000 | ||||
Genesis NEJD Pipeline, LLC | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Cash receipts not included in income associated with principal payments of previously owned pipeline | $ (32,000) | $ 17,500 | $ (32,000) | 35,000 | |
Embedded Derivative Financial Instruments | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Unrealized (losses) gains from valuation of embedded derivatives | (10,700) | (6,400) | $ (32,800) | ||
Embedded Derivative Financial Instruments | Other Nonoperating Income (Expense) | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income | $ 2,300 | $ (3,800) |
Transactions with Related Par_3
Transactions with Related Parties (Schedule of Transactions with Related Parties) (Details) - Affiliated Entity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CEO | ||||
Related Party Transaction [Line Items] | ||||
Costs and expenses | $ 165 | $ 165 | $ 330 | $ 330 |
Poseidon | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 3,860 | 3,242 | 7,098 | 7,028 |
Costs and expenses | $ 254 | 238 | $ 509 | 478 |
Equity method investment, ownership percentage | 64% | 64% | ||
ANSAC | ||||
Related Party Transaction [Line Items] | ||||
Revenues | $ 97,328 | 71,329 | $ 185,510 | 139,284 |
Costs and expenses | $ 2,340 | $ 519 | $ 3,185 | $ 697 |
Transactions with Related Par_4
Transactions with Related Parties (Narrative) (Details) - Affiliated Entity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Poseidon | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | $ 3,860 | $ 3,242 | $ 7,098 | $ 7,028 | |
Due from related parties | 1,500 | 1,500 | $ 2,400 | ||
Related party transaction, costs and expenses | 254 | 238 | 509 | 478 | |
Poseidon | Asset Management Arrangement | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | 2,400 | 2,400 | 4,900 | 4,700 | |
ANSAC | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | 97,328 | 71,329 | 185,510 | 139,284 | |
Due from related parties | 89,923 | 89,923 | $ 64,799 | ||
Related party transaction, costs and expenses | $ 2,340 | $ 519 | $ 3,185 | $ 697 |
Transactions with Related Par_5
Transactions with Related Parties (ANSAC) (Details) - ANSAC - Affiliated Entity - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Receivables | $ 89,923 | $ 64,799 |
Payables | $ 2,340 | $ 116 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Net Changes in Components of Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
(Increase) decrease in: | ||
Accounts receivable | $ (48,267) | $ (77,785) |
Inventories | (11,604) | 21,550 |
Deferred charges | 34,022 | 9,823 |
Other current assets | (960) | (4,835) |
Increase (decrease) in: | ||
Accounts payable | (3,720) | 49,809 |
Accrued liabilities | 4,299 | 32,710 |
Net changes in components of operating assets and liabilities | $ (26,230) | $ 31,272 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payments of interest and commitment fees | $ 114.6 | $ 78 |
Interest paid, capitalized | 5.9 | 1.4 |
Incurred liabilities for fixed and intangible asset additions | $ 35.5 | $ 71.5 |
Derivatives (Schedule of Outsta
Derivatives (Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments) (Details) bbl in Thousands, MMBTU in Thousands | 6 Months Ended |
Jun. 30, 2022 MMBTU $ / MMBTU $ / bbl bbl | |
Designated as hedges under accounting rules | Sell (Short) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 115 |
Weighted average contract price | $ / bbl | 117.88 |
Designated as hedges under accounting rules | Buy (Long) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 0 |
Weighted average contract price | $ / bbl | 0 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 122 |
Weighted average contract price | $ / bbl | 107.36 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 93 |
Weighted average contract price | $ / MMBTU | 7.04 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Fuel Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 84 |
Weighted average contract price | $ / bbl | 0.57 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Swaps | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 0 |
Weighted average contract price | $ / MMBTU | 0 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 128 |
Weighted average contract price | $ / bbl | 107.84 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 265 |
Weighted average contract price | $ / MMBTU | 4.67 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Fuel Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 25 |
Weighted average contract price | $ / bbl | 0.05 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Swaps | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 230 |
Weighted average contract price | $ / MMBTU | 0.003 |
Derivatives (Schedule of Fair V
Derivatives (Schedule of Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | $ (76,800) | |
Preferred Distribution Rate Reset Election | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | (76,817) | |
Not qualifying or not designated as hedges under accounting rules | Commodity Derivatives | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4,100 | $ 310 |
Derivative Asset, Fair Value, Gross Liability | (819) | (310) |
Asset Derivatives | 3,281 | 0 |
Derivative Liability, Fair Value, Gross Liability | (819) | (2,380) |
Derivative Liability, Fair Value, Gross Asset | 819 | 2,380 |
Liability Derivatives | 0 | 0 |
Not qualifying or not designated as hedges under accounting rules | Swaps | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 135 | 1,867 |
Not qualifying or not designated as hedges under accounting rules | Swaps | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (810) | (608) |
Designated as hedges under accounting rules | Commodity Derivatives | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,715 | 49 |
Derivative Asset, Fair Value, Gross Liability | (407) | (49) |
Asset Derivatives | 1,308 | 0 |
Derivative Liability, Fair Value, Gross Liability | (407) | (209) |
Derivative Liability, Fair Value, Gross Asset | 407 | 209 |
Liability Derivatives | $ 0 | $ 0 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 01, 2022 | Mar. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Derivatives, Fair Value [Line Items] | ||||
Net broker receivable | $ 1,400,000 | $ 2,900,000 | ||
Initial margin | 2,800,000 | $ 2,100,000 | ||
Variation margin | $ 800,000 | (1,500,000) | ||
Embedded derivative liability | $ 76,800,000 | |||
Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Period to notify holders | 30 days | |||
Stock reset rate percentage | 10.75% | |||
Percentage below issue price per share | 110% | |||
LIBOR | Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Basis spread on variable rate over stock price | 0.0750 |
Derivatives (Schedule of Effect
Derivatives (Schedule of Effect on Operating Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Level 3 | Preferred Distribution Rate Reset Election | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain for the period included in earnings | $ 10,651 | $ 6,393 | ||
Commodity derivatives - futures and call options | Cost of Goods and Services Sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | 2,866 | $ (3,342) | 7,744 | $ (13,160) |
Natural Gas Swap | Cost of Goods and Services Sold | Sodium minerals and sulfur services operating costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | (590) | 30 | (1,692) | (37) |
Preferred Distribution Rate Reset Election | Other income (expense) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | (14,344) | (32,782) | ||
Contracts designated as hedges under accounting guidance | Commodity derivatives - futures and call options | Cost of Goods and Services Sold | Onshore facilities and transportation product costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | 634 | (1,563) | (536) | (7,460) |
Contracts not considered hedges under accounting guidance | Commodity derivatives - futures and call options | Cost of Goods and Services Sold | Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ 2,232 | $ (1,779) | $ 8,280 | $ (5,700) |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Level 1 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | $ 5,815 | $ 359 |
Liabilities Fair Value | (1,226) | (2,589) |
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 | Swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | 135 | 1,867 |
Liabilities Fair Value | (810) | (608) |
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 |
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 | $ (76,817) | $ (83,210) |
Fair-Value Measurements (Reconc
Fair-Value Measurements (Reconciliation of Changes in Derivatives Classified as Level 3) (Details) - Level 3 - Preferred Distribution Rate Reset Election - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance as of December 31, 2021 | $ (83,210) | |
Net gain for the period included in earnings | $ 10,651 | 6,393 |
Balance as of June 30, 2022 | $ (76,817) | $ (76,817) |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized (losses) gains from valuation of embedded derivatives | $ 10,284 | $ (32,377) | ||
Carrying value of senior unsecured notes | $ 2,888,422 | 2,888,422 | $ 2,930,505 | |
Embedded Derivative Financial Instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized (losses) gains from valuation of embedded derivatives | (10,700) | (6,400) | $ (32,800) | |
Carrying value of senior unsecured notes | 2,900,000 | 2,900,000 | 3,000,000 | |
Fair value of senior unsecured notes | $ 2,600,000 | $ 2,600,000 | $ 3,000,000 | |
Equity Volatility | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Embedded derivative liability, measurement input | 0.50 | 0.50 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 6 Months Ended | ||
Apr. 29, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Subsequent Event [Line Items] | |||
Payments to Noncontrolling Interests | $ 18,332,000 | $ 0 | |
Noncontrolling Interest [Member] | Independence Hub, LLC | |||
Subsequent Event [Line Items] | |||
Payments to Noncontrolling Interests | $ 8,000,000 | ||
Noncontrolling Interest [Member] | Independence Hub, LLC | Genesis Energy, LLC | |||
Subsequent Event [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20% | ||
Independence Hub, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Subsequent Event [Line Items] | |||
Proceeds from Sale of Productive Assets | $ 40,000,000 | ||
Subsequent Event | Noncontrolling Interest [Member] | Independence Hub, LLC | |||
Subsequent Event [Line Items] | |||
Payments to Noncontrolling Interests | $ 8,000,000 | ||
Subsequent Event | Noncontrolling Interest [Member] | Independence Hub, LLC | Genesis Energy, LLC | |||
Subsequent Event [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20% | ||
Subsequent Event | Independence Hub, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Subsequent Event [Line Items] | |||
Proceeds from Sale of Productive Assets | $ 40,000,000 |