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Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2013
Condensed Consolidating Financial Information [Abstract] |
Condensed Consolidating Financial Information | 14. Condensed Consolidating Financial Information Our $700 million 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 subsidiaries, except Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC and certain other minor subsidiaries. Genesis NEJD Pipeline, LLC is 100% owned by Genesis Energy, L.P., the parent company. The remaining non-guarantor subsidiaries are owned by Genesis Crude Oil, L.P., a guarantor subsidiary. Genesis Energy Finance Corporation has no independent assets or operations and accordingly has no ability to service obligations on the 2018 and 2021 Notes. Each subsidiary guarantor and the subsidiary co-issuer are 100% owned, directly or indirectly, by Genesis Energy, L.P. See Note 6 for additional information regarding our consolidated debt obligations. The following is condensed consolidating financial information for Genesis Energy, L.P., the guarantor subsidiaries and the non-guarantor subsidiaries. Unaudited Condensed Consolidating Balance Sheet March 31, 2013
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 5 |  |  | $ | — |  |  | $ | 15,836 |  |  | $ | 142 |  |  | $ | — |  |  | $ | 15,983 |
Other current assets | 857,903 |  |  | — |  |  | 434,548 |  |  | 50,483 |  |  | (876,660 | ) |  | 466,274 |
Total current assets | 857,908 |  |  | — |  |  | 450,384 |  |  | 50,625 |  |  | (876,660 | ) |  | 482,257 |
Fixed assets, at cost | — |  |  | — |  |  | 648,992 |  |  | 110,900 |  |  | — |  |  | 759,892 |
Less: Accumulated depreciation | — |  |  | — |  |  | (154,184 | ) |  | (13,963 | ) |  | — |  |  | (168,147 | )
Net fixed assets | — |  |  | — |  |  | 494,808 |  |  | 96,937 |  |  | — |  |  | 591,745 |
Goodwill | — |  |  | — |  |  | 325,046 |  |  | — |  |  | — |  |  | 325,046 |
Other assets, net | 24,842 |  |  | — |  |  | 249,576 |  |  | 156,352 |  |  | (162,611 | ) |  | 268,159 |
Equity investees |  |  | — |  |  | 608,076 |  |  | — |  |  | — |  |  | 608,076 |
Investments in subsidiaries | 1,001,279 |  |  | — |  |  | 105,378 |  |  | — |  |  | (1,106,657 | ) |  | — |
Total assets | $ | 1,884,029 |  |  | $ | — |  |  | $ | 2,233,268 |  |  | $ | 303,914 |  |  | $ | (2,145,928 | ) |  | $ | 2,275,283 |
LIABILITIES AND PARTNERS’ CAPITAL |  |  |  |  |  |  |  |  |  |  |
Current liabilities | $ | 12,213 |  |  | $ | — |  |  | $ | 1,204,308 |  |  | $ | 33,681 |  |  | $ | (876,823 | ) |  | $ | 373,379 |
Senior secured credit facility | 271,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 271,000 |
Senior unsecured notes | 700,865 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,865 |
Deferred tax liabilities | — |  |  | — |  |  | 13,488 |  |  | — |  |  | — |  |  | 13,488 |
Other liabilities | — |  |  | — |  |  | 13,249 |  |  | 165,780 |  |  | (162,429 | ) |  | 16,600 |
Total liabilities | 984,078 |  |  | — |  |  | 1,231,045 |  |  | 199,461 |  |  | (1,039,252 | ) |  | 1,375,332 |
Partners’ capital | 899,951 |  |  | — |  |  | 1,002,223 |  |  | 104,453 |  |  | (1,106,676 | ) |  | 899,951 |
Total liabilities and partners’ capital | $ | 1,884,029 |  |  | $ | — |  |  | $ | 2,233,268 |  |  | $ | 303,914 |  |  | $ | (2,145,928 | ) |  | $ | 2,275,283 |
Unaudited Condensed Consolidating Balance Sheet December 31, 2012
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 10 |  |  | $ | — |  |  | $ | 11,214 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 11,282 |
Other current assets | 745,589 |  |  | — |  |  | 367,837 |  |  | 41,533 |  |  | (762,207 | ) |  | 392,752 |
Total current assets | 745,599 |  |  | — |  |  | 379,051 |  |  | 41,591 |  |  | (762,207 | ) |  | 404,034 |
Fixed assets, at cost | — |  |  | — |  |  | 617,519 |  |  | 105,706 |  |  | — |  |  | 723,225 |
Less: Accumulated depreciation | — |  |  | — |  |  | (144,882 | ) |  | (13,062 | ) |  | — |  |  | (157,944 | )
Net fixed assets | — |  |  | — |  |  | 472,637 |  |  | 92,644 |  |  | — |  |  | 565,281 |
Goodwill | — |  |  | — |  |  | 325,046 |  |  | — |  |  | — |  |  | 325,046 |
Other assets, net | 17,737 |  |  | — |  |  | 254,423 |  |  | 157,604 |  |  | (163,696 | ) |  | 266,068 |
Equity investees | — |  |  | — |  |  | 549,235 |  |  | — |  |  | — |  |  | 549,235 |
Investments in subsidiaries | 1,006,415 |  |  | — |  |  | 102,707 |  |  | — |  |  | (1,109,122 | ) |  | — |
Total assets | $ | 1,769,751 |  |  | $ | — |  |  | $ | 2,083,099 |  |  | $ | 291,839 |  |  | $ | (2,035,025 | ) |  | $ | 2,109,664 |
LIABILITIES AND PARTNERS’ CAPITAL |  |  |  |  |  |  |  |  |  |  |
Current liabilities | $ | 2,361 |  |  | $ | — |  |  | $ | 1,048,937 |  |  | $ | 23,567 |  |  | $ | (762,214 | ) |  | $ | 312,651 |
Senior secured credit facility | 500,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |
Senior unsecured notes | 350,895 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350,895 |
Deferred tax liabilities | — |  |  | — |  |  | 13,810 |  |  | — |  |  | — |  |  | 13,810 |
Other liabilities | — |  |  | — |  |  | 13,044 |  |  | 166,282 |  |  | (163,513 | ) |  | 15,813 |
Total liabilities | 853,256 |  |  | — |  |  | 1,075,791 |  |  | 189,849 |  |  | (925,727 | ) |  | 1,193,169 |
Partners’ capital | 916,495 |  |  | — |  |  | 1,007,308 |  |  | 101,990 |  |  | (1,109,298 | ) |  | 916,495 |
Total liabilities and partners’ capital | $ | 1,769,751 |  |  | $ | — |  |  | $ | 2,083,099 |  |  | $ | 291,839 |  |  | $ | (2,035,025 | ) |  | $ | 2,109,664 |
Unaudited Condensed Consolidating Statement of Operations Three Months Ended March 31, 2013
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
REVENUES: |  |  |  |  |  |  |  |  |  |  |
Supply and logistics | $ | — |  |  | $ | — |  |  | $ | 1,070,489 |  |  | $ | 38,945 |  |  | $ | (32,483 | ) |  | $ | 1,076,951 |
Refinery services | — |  |  | — |  |  | 47,767 |  |  | 5,563 |  |  | (3,846 | ) |  | 49,484 |
Pipeline transportation services | — |  |  | — |  |  | 14,126 |  |  | 6,653 |  |  | — |  |  | 20,779 |
Total revenues | — |  |  | — |  |  | 1,132,382 |  |  | 51,161 |  |  | (36,329 | ) |  | 1,147,214 |
COSTS AND EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Supply and logistics costs | — |  |  | — |  |  | 1,048,931 |  |  | 34,291 |  |  | (32,483 | ) |  | 1,050,739 |
Refinery services operating costs | — |  |  | — |  |  | 31,167 |  |  | 5,282 |  |  | (4,006 | ) |  | 32,443 |
Pipeline transportation operating costs | — |  |  | — |  |  | 6,754 |  |  | 330 |  |  | — |  |  | 7,084 |
General and administrative | — |  |  | — |  |  | 11,714 |  |  | 33 |  |  | — |  |  | 11,747 |
Depreciation and amortization | — |  |  | — |  |  | 14,151 |  |  | 902 |  |  | — |  |  | 15,053 |
Total costs and expenses | — |  |  | — |  |  | 1,112,717 |  |  | 40,838 |  |  | (36,489 | ) |  | 1,117,066 |
OPERATING INCOME | — |  |  | — |  |  | 19,665 |  |  | 10,323 |  |  | 160 |  |  | 30,148 |
Equity in earnings of subsidiaries | 34,252 |  |  | — |  |  | 6,238 |  |  | — |  |  | (40,490 | ) |  | — |
Equity in earnings of equity investees | — |  |  | — |  |  | 3,936 |  |  | — |  |  | — |  |  | 3,936 |
Interest (expense) income, net | (11,406 | ) |  | — |  |  | 4,047 |  |  | (4,082 | ) |  | — |  |  | (11,441 | )
Income before income taxes | 22,846 |  |  | — |  |  | 33,886 |  |  | 6,241 |  |  | (40,330 | ) |  | 22,643 |
Income tax benefit (expense) | — |  |  | — |  |  | 257 |  |  | (54 | ) |  | — |  |  | 203 |
NET INCOME | $ | 22,846 |  |  | $ | — |  |  | $ | 34,143 |  |  | $ | 6,187 |  |  | $ | (40,330 | ) |  | $ | 22,846 |
Unaudited Condensed Consolidating Statement of Operations Three Months Ended March 31, 2012
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
REVENUES: |  |  |  |  |  |  |  |  |  |  |
Supply and logistics | $ | — |  |  | $ | — |  |  | $ | 887,681 |  |  | $ | 32,179 |  |  | $ | (26,597 | ) |  | $ | 893,263 |
Refinery services | — |  |  | — |  |  | 48,596 |  |  | 2,645 |  |  | (3,196 | ) |  | 48,045 |
Pipeline transportation services | — |  |  | — |  |  | 12,916 |  |  | 6,493 |  |  | — |  |  | 19,409 |
Total revenues | — |  |  | — |  |  | 949,193 |  |  | 41,317 |  |  | (29,793 | ) |  | 960,717 |
COSTS AND EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Supply and logistics costs | — |  |  | — |  |  | 871,642 |  |  | 28,740 |  |  | (26,597 | ) |  | 873,785 |
Refinery services operating costs | — |  |  | — |  |  | 30,641 |  |  | 3,049 |  |  | (2,911 | ) |  | 30,779 |
Pipeline transportation operating costs | — |  |  | — |  |  | 4,834 |  |  | 218 |  |  | — |  |  | 5,052 |
General and administrative | — |  |  | — |  |  | 9,562 |  |  | 30 |  |  | — |  |  | 9,592 |
Depreciation and amortization | — |  |  | — |  |  | 13,887 |  |  | 892 |  |  | — |  |  | 14,779 |
Total costs and expenses | — |  |  | — |  |  | 930,566 |  |  | 32,929 |  |  | (29,508 | ) |  | 933,987 |
OPERATING INCOME | — |  |  | — |  |  | 18,627 |  |  | 8,388 |  |  | (285 | ) |  | 26,730 |
Equity in earnings of subsidiaries | 30,168 |  |  | — |  |  | 4,322 |  |  | — |  |  | (34,490 | ) |  | — |
Equity in earnings of equity investees | — |  |  | — |  |  | 3,492 |  |  | — |  |  | — |  |  | 3,492 |
Interest (expense) income, net | (10,564 | ) |  | — |  |  | 4,154 |  |  | (4,186 | ) |  | — |  |  | (10,596 | )
Income before income taxes | 19,604 |  |  | — |  |  | 30,595 |  |  | 4,202 |  |  | (34,775 | ) |  | 19,626 |
Income tax (expense) benefit | — |  |  | — |  |  | (95 | ) |  | 73 |  |  | — |  |  | (22 | )
NET INCOME | $ | 19,604 |  |  | $ | — |  |  | $ | 30,500 |  |  | $ | 4,275 |  |  | $ | (34,775 | ) |  | $ | 19,604 |
Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2013
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
Net cash (used in) provided by operating activities | $ | (73,458 | ) |  | $ | — |  |  | $ | 145,881 |  |  | $ | 9,500 |  |  | $ | (43,107 | ) |  | $ | 38,816 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Payments to acquire fixed and intangible assets | — |  |  | — |  |  | (41,950 | ) |  | (5,201 | ) |  | — |  |  | (47,151 | )
Cash distributions received from equity investees - return of investment | — |  |  | — |  |  | 3,583 |  |  | — |  |  |  |  |  | 3,583 |
Investments in equity investees | — |  |  | — |  |  | (64,534 | ) |  | — |  |  |  |  |  | (64,534 | )
Repayments on loan to non-guarantor subsidiary | — |  |  | — |  |  | 1,086 |  |  | — |  |  | (1,086 | ) |  | — |
Proceeds from asset sales | — |  |  | — |  |  | 332 |  |  | — |  |  | — |  |  | 332 |
Other, net | — |  |  | — |  |  | 749 |  |  | 6 |  |  | — |  |  | 755 |
Net cash used in investing activities | — |  |  | — |  |  | (100,734 | ) |  | (5,195 | ) |  | (1,086 | ) |  | (107,015 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Borrowings on senior secured credit facility | 386,400 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 386,400 |
Repayments on senior secured credit facility | (615,400 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (615,400 | )
Proceeds from issuance of senior unsecured notes, including premium | 350,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350,000 |
Debt issuance costs | (8,157 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,157 | )
Distributions to partners/owners | (39,390 | ) |  | — |  |  | (39,390 | ) |  | (3,727 | ) |  | 43,117 |  |  | (39,390 | )
Other, net | — |  |  | — |  |  | (1,135 | ) |  | (494 | ) |  | 1,076 |  |  | (553 | )
Net cash provided by (used in) financing activities | 73,453 |  |  | — |  |  | (40,525 | ) |  | (4,221 | ) |  | 44,193 |  |  | 72,900 |
Net (decrease) increase in cash and cash equivalents | (5 | ) |  | — |  |  | 4,622 |  |  | 84 |  |  | — |  |  | 4,701 |
Cash and cash equivalents at beginning of period | 10 |  |  | — |  |  | 11,214 |  |  | 58 |  |  | — |  |  | 11,282 |
Cash and cash equivalents at end of period | $ | 5 |  |  | $ | — |  |  | $ | 15,836 |  |  | $ | 142 |  |  | $ | — |  |  | $ | 15,983 |
Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2012
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
Net cash (used in) provided by operating activities | $ | (110,241 | ) |  | $ | — |  |  | $ | 147,523 |  |  | $ | 3,207 |  |  | $ | (20,567 | ) |  | $ | 19,922 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Payments to acquire fixed and intangible assets | — |  |  | — |  |  | (47,228 | ) |  | (245 | ) |  | — |  |  | (47,473 | )
Cash distributions received from equity investees - return of investment | 14,602 |  |  | — |  |  | 4,314 |  |  | — |  |  | (14,602 | ) |  | 4,314 |
Investments in equity investees | (169,524 | ) |  | — |  |  | (33,860 | ) |  | — |  |  | 169,842 |  |  | (33,542 | )
Acquisitions | — |  |  | — |  |  | (205,576 | ) |  | — |  |  | — |  |  | (205,576 | )
Repayments on loan to non-guarantor subsidiary | — |  |  | — |  |  | 981 |  |  | — |  |  | (981 | ) |  | — |
Proceeds from asset sales | — |  |  | — |  |  | 359 |  |  | — |  |  | — |  |  | 359 |
Other, net | — |  |  | — |  |  | 221 |  |  | (318 | ) |  | — |  |  | (97 | )
Net cash used in investing activities | (154,922 | ) |  | — |  |  | (280,789 | ) |  | (563 | ) |  | 154,259 |  |  | (282,015 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Borrowings on senior secured credit facility | 509,200 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 509,200 |
Repayments on senior secured credit facility | (480,300 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (480,300 | )
Proceeds from issuance of senior unsecured notes, including premium | 101,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 101,000 |
Debt issuance costs | (2,584 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,584 | )
Distributions to partners/owners | (31,677 | ) |  | — |  |  | (31,677 | ) |  | (3,182 | ) |  | 34,859 |  |  | (31,677 | )
Issuance of common units for cash, net | 169,524 |  |  | — |  |  | 169,524 |  |  | — |  |  | (169,524 | ) |  | 169,524 |
Other, net | — |  |  | — |  |  | 122 |  |  | (658 | ) |  | 973 |  |  | 437 |
Net cash provided by (used in) financing activities | 265,163 |  |  | — |  |  | 137,969 |  |  | (3,840 | ) |  | (133,692 | ) |  | 265,600 |
Net increase (decrease) in cash and cash equivalents | — |  |  | — |  |  | 4,703 |  |  | (1,196 | ) |  | — |  |  | 3,507 |
Cash and cash equivalents at beginning of period | 3 |  |  | — |  |  | 9,182 |  |  | 1,632 |  |  | — |  |  | 10,817 |
Cash and cash equivalents at end of period | $ | 3 |  |  | $ | — |  |  | $ | 13,885 |  |  | $ | 436 |  |  | $ | — |  |  | $ | 14,324 |

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