<SEC-DOCUMENT>0001193125-18-009944.txt : 20180216
<SEC-HEADER>0001193125-18-009944.hdr.sgml : 20180216
<ACCEPTANCE-DATETIME>20180112145055
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-009944
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENESIS ENERGY LP
		CENTRAL INDEX KEY:			0001022321
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PETROLEUM BULK STATIONS & TERMINALS [5171]
		IRS NUMBER:				760513049
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		919 MILAM, SUITE 2100
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7138602500

	MAIL ADDRESS:	
		STREET 1:		919 MILAM, SUITE 2100
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>CORRESP</TITLE>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g444736g89r12.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENESIS ENERGY, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>919 MILAM, SUITE 2100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HOUSTON, TEXAS 77002 </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;12,
2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ethan Horowitz </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. Mail Stop 4628 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549-3561 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Staff&#146;s comment letter dated December&nbsp;14, 2017 regarding </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Genesis Energy, L.P. </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for Fiscal Quarter ended September&nbsp;30, 2017 </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filed November&nbsp;3, 2017 </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-12295</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In this letter, we are
setting forth the response of the Registrant to the comments in the letter from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;), dated December&nbsp;14, 2017 (the
&#147;<B><I>Comment Letter</I></B>&#148;), with respect to the above captioned filing.&nbsp;For your convenience, we have repeated, in italicized text, the Staff&#146;s comments as set forth in the Comment Letter.&nbsp;The Registrant&#146;s response
to each comment is set forth immediately below the text of the applicable comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the context requires otherwise, references to
&#147;<B><I>we</I></B>&#148;, &#147;<B><I>us</I></B>&#148;, &#147;<B><I>our</I></B>&#148;, &#147;<B><I>Partnership</I></B>&#148; and similar expressions are intended to mean the business and operations of Genesis Energy, L.P. and its consolidated
subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended September&nbsp;30, 2017 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Unaudited Condensed Consolidated Financial Statements </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 9 &#150; Partners&#146; Capital, Mezzanine Equity and Distributions, page 15</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Tell us and disclose how you determined that Class&nbsp;A Convertible Preferred Units should be classified as mezzanine equity on your balance sheet. In addition, include the redemption amount on the balance sheet,
as outlined in the disclosure requirements in Rule <FONT STYLE="white-space:nowrap">5-02(27)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> As part of your response, please cite relevant authoritative accounting guidance which
supports the basis for your conclusions. Additionally, correct the description of the securities throughout the filing to either indicate Class&nbsp;A or Series A. </I></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ethan Horowitz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 12, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our response has been provided below to address each point in the question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Tell us and disclose how you determined that your Class&nbsp;A Convertible Preferred Units should be classified as mezzanine equity on your
balance sheet.</I><B><U> </U></B><I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Partnership first evaluated the Class&nbsp;A Convertible Preferred Units (&#147;Preferred
Units&#148;) pursuant to ASC 480 to determine whether they represent obligations requiring classification as liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Preferred
Units do not contain a specified or determinable date on which the Partnership is required to redeem the securities by transferring assets, and therefore are not deemed to be mandatorily redeemable ( pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">480-10-25-4</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">480-10-25-7).</FONT></FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Partnership also evaluated the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">480-10-25-8</FONT></FONT></FONT> through 13 noting it is not applicable as the Preferred Units consist of outstanding shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon review of ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">480-10-25-14-</FONT></FONT></FONT></FONT> &#147;<I>Certain obligations to issue a variable number of shares&#148;-, </I>the Partnership identified all features associated with the Preferred Units (as discussed below). The
Preferred Units contain optional and contingent conversion features which result in the conversion into a fixed number of Class&nbsp;A Common Units using a fixed conversion rate, subject only to anti-dilution adjustments. These factors do not result
in settlement in a variable number of units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The features of the Preferred Units that could result in the issuance of a variable number
of Class&nbsp;A Common Units are conditional upon occurrence of a Change of Control or a decrease in Preferred Units outstanding to $20&nbsp;million or less. Therefore, the features do not create an unconditional obligation and would not require
liability classification pursuant to ASC 480 until a triggering event occurs. As of September&nbsp;30, 2017, the Partnership determined that the redemption at the option of the holders upon a change of control is not probable of occurrence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on the above, the Partnership concluded the Preferred Units are not liabilities pursuant to ASC 480 and will continue to evaluate the
probability of such events at each reporting period and provide appropriate disclosures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Partnership then evaluated whether the
Preferred Units should be classified as temporary equity (mezzanine) or permanent equity pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">480-10-S99-3A,</FONT></FONT></FONT> which
states that equity securities not otherwise classified as liabilities pursuant to ASC 480 should be distinguished from permanent equity separately (as mezzanine) if they are redeemable for cash or other assets : </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ethan Horowitz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 12, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">At a fixed or determinable date; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Upon the occurrence of certain contingent events (e.g. change of control) not solely within the control of the issuer; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">At the option of the holder. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our Preferred Units contain the following conversion/redemption
options that were considered as a part of the mezzanine equity classification: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">A conversion option at the holder&#146;s election following the second anniversary of the closing date of the agreement, or immediately prior to the liquidation, dissolution or winding up of the Partnership, to convert
the Preferred Units into Class&nbsp;A Common Units using the conversion rate then in effect; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">A conversion option at the Partnership&#146;s election if there are less than $20&nbsp;million in Preferred Units outstanding pursuant to the conversion rate specified in the Partnership&#146;s agreement of limited
partnership or following the third anniversary of the closing date of the agreement into Class&nbsp;A Common Units using the conversion rate then in effect; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top">Change of control events, including certain that are beyond the Partnership&#146;s control including: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The acquisition by a person/group who is not a permitted holder of a number of voting securities that would allow the acquirer to elect a majority of the Board of Directors; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The NYSE delisting the Class&nbsp;A Common Units for reasons beyond the Partnership&#146;s control. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top">A distribution rate reset option by the holders subsequent to the fifth anniversary of the agreement, which would allow the Partnership the option to redeem the units for cash if exercised. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Partnership determined that share settlement of these conversion options (options a and b) would not require cash settlement pursuant to
ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25.</FONT></FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Partnership evaluated the features
described above pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">480-10-S99-3A</FONT></FONT></FONT> noting items <FONT STYLE="white-space:nowrap">C1-2</FONT> above meet the criteria
for mezzanine equity classification as they represent a redemption for cash or a variable number of shares at the option of the holders upon a change of control outside of the Partnership&#146;s control. The
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ethan Horowitz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 12, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Partnership does not have plans for or expect any events which constitute a change of control in the agreement. The Preferred Units are classified as mezzanine equity and measured at fair value
on the date of issuance. The Partnership will add clarifying disclosures regarding the classification of the Preferred Units in its Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>In addition, include the redemption amount on the balance sheet, as outlined in the disclosure requirements in Rule <FONT
STYLE="white-space:nowrap">5-02(27)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> As part of your response, please cite relevant authoritative accounting guidance which supports the basis for your conclusions. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In accordance with Rule <FONT STYLE="white-space:nowrap">5-02(27)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X,</FONT> issuers are
required to state the title of each issue, the carrying amount, and the redemption amount on the face of the balance sheet. The measurement of an instrument classified in temporary equity is dependent on whether the instrument is currently
redeemable or not currently redeemable but probable of becoming redeemable. As of September&nbsp;30, 2017, the Partnership determined that the redemption at the option of the holders upon a change of control is not probable of occurrence. Therefore,
the Preferred Units should be classified in temporary equity and an adjustment to the initial carrying amount is not necessary until it is probable that they will become redeemable. The Partnership will continue to evaluate the probability of
redemption at each reporting period as a part of the subsequent measurement of the mezzanine equity balance. Additionally, the Partnership will disclose the redemption amount on the balance sheet, and will include disclosures surrounding its
assessment of the probability of such an event in its Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017 and each subsequent reporting period. We have included an example of our planned disclosure below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;The Preferred Units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed
liquidation event which is outside the Partnership&#146;s control. Therefore, they are presented as temporary equity in the mezzanine section of the Consolidated Balance Sheet. The Preferred Units have been recorded at their issuance date fair
value, net of issuance costs. As the Preferred Units are not currently redeemable and the Partnership does not have plans or expect any events which constitute a change of control in the agreement, adjustment to the initial carrying amount is not
necessary and would only be required if it becomes probable that the Preferred Units would become redeemable.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Additionally,
correct the description of the securities throughout the filing to either indicate Class&nbsp;A or Series A. </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ethan Horowitz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 12, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Partnership will conform all disclosures to Class&nbsp;A Convertible Preferred Units and
remove any reference to Series A beginning with the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017 and all subsequent reporting periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions or comments concerning these responses, please contact the undersigned at (713) <FONT STYLE="white-space:nowrap">860-2516</FONT> or
J. Vincent Kendrick at Akin Gump Strauss Hauer&nbsp;&amp; Feld, LLP at (713) <FONT STYLE="white-space:nowrap">220-5839.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Genesis Energy, L.P.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Genesis Energy, LLC,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its general
partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Robert V. Deere</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Robert V. Deere</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">J. Vincent Kendrick, Akin Gump Strauss Hauer&nbsp;&amp; Feld, LLP </TD></TR></TABLE>
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