GENESIS ENERGY LP [GEL] Filings

10-Q 1 gel-20220930.htm 10-Q gel-20220930

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-12295

GENESIS ENERGY, L.P.

(Exact name of registrant as specified in its charter)

Delaware

76-0513049

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

811 Louisiana, Suite 1200,

Houston

77002

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code:

(713)

860-2500


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common units	GEL	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. There were 122,539,221 Class A Common Units and 39,997 Class B Common Units outstanding as of October 26, 2022.

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GENESIS ENERGY, L.P.

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		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021	3
	Unaudited Condensed Consolidated Statements of Operations	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)	5
	Unaudited Condensed Consolidated Statements of Partners’ Capital	6
	Unaudited Condensed Consolidated Statements of Cash Flows	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
	1. Organization and Basis of Presentation and Consolidation	8
	2. Recent Accounting Developments	8
	3. Revenue Recognition	9
	4. Lease Accounting	10
	5. Inventories	11
	6. Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations	12
	7. Equity Investees	13
	8. Intangible Assets	14
	9. Debt	15
	10. Partners’ Capital, Mezzanine Capital and Distributions	17
	11. Net Loss Per Common Unit	20
	12. Business Segment Information	20
	13. Transactions with Related Parties	23
	14. Supplemental Cash Flow Information	24
	15. Derivatives	24
	16. Fair-Value Measurements	27
	17. Commitments and Contingencies	28

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	53
Item 4.	Controls and Procedures	53
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	54
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54
Item 3.	Defaults upon Senior Securities	54
Item 4.	Mine Safety Disclosures	54
Item 5.	Other Information	54
Item 6.	Exhibits	55
SIGNATURES		56

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GENESIS ENERGY, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except units)


	September 30, 2022		December 31, 2021
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	5,848	$	19,987
Restricted cash	18,637		5,005
Accounts receivable - trade, net	575,927		400,334
Inventories	92,907		77,958

Other	33,111		39,200
Total current assets	726,430		542,484
FIXED ASSETS, at cost	5,731,630		5,464,040
Less: Accumulated depreciation	(1,711,306)		(1,551,855)
Net fixed assets	4,020,324		3,912,185
MINERAL LEASEHOLDS, net of accumulated depletion	546,175		549,005

EQUITY INVESTEES	285,417		294,050
INTANGIBLE ASSETS, net of amortization	127,201		127,063
GOODWILL	301,959		301,959
RIGHT OF USE ASSETS, net	128,288		140,796
OTHER ASSETS, net of amortization	33,745		38,259
TOTAL ASSETS	$	6,169,539	$	5,905,801
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Accounts payable - trade	$	378,367	$	264,316
Accrued liabilities	266,950		232,623

Total current liabilities	645,317		496,939
SENIOR SECURED CREDIT FACILITY	120,200		49,000
SENIOR UNSECURED NOTES, net of debt issuance costs and premium	2,854,874		2,930,505
ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount	402,254		—
DEFERRED TAX LIABILITIES	15,307		14,297
OTHER LONG-TERM LIABILITIES	373,397		434,925
Total liabilities	4,411,349		3,925,666

MEZZANINE CAPITAL:
Class A Convertible Preferred Units, 25,336,778 issued and outstanding at September 30, 2022 and December 31, 2021	891,909		790,115
Redeemable noncontrolling interests, no units issued and outstanding at September 30, 2022 and 246,394 preferred units issued and outstanding December 31, 2021	—		259,568

PARTNERS’ CAPITAL:
Common unitholders, 122,579,218 units issued and outstanding at September 30, 2022 and December 31, 2021	562,373		641,313
Accumulated other comprehensive loss	(5,242)		(5,607)
Noncontrolling interests	309,150		294,746
Total partners’ capital	866,281		930,452
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL	$	6,169,539	$	5,905,801

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
REVENUES:
Offshore pipeline transportation	$	89,805	$	69,479	$	239,958	$	207,084
Sodium minerals and sulfur services	312,681		237,651		916,963		702,025
Marine transportation	77,795		48,716		209,889		136,673
Onshore facilities and transportation	240,967		162,975		708,110		498,113
Total revenues	721,248		518,821		2,074,920		1,543,895
COSTS AND EXPENSES:
Onshore facilities and transportation product costs	213,680		129,498		630,985		414,933
Onshore facilities and transportation operating costs	17,697		15,792		50,276		47,887
Marine transportation operating costs	63,074		39,782		165,726		111,986
Sodium minerals and sulfur services operating costs	235,308		196,656		699,847		578,058
Offshore pipeline transportation operating costs	25,410		21,080		74,785		63,060
General and administrative	17,038		14,371		52,825		38,944
Depreciation, depletion and amortization	73,946		67,148		217,125		200,975
Gain on sale of asset	—		—		(40,000)		—

Total costs and expenses	646,153		484,327		1,851,569		1,455,843
OPERATING INCOME	75,095		34,494		223,351		88,052
Equity in earnings of equity investees	13,236		10,301		40,252		45,183
Interest expense	(57,710)		(59,940)		(168,773)		(176,938)
Other income (expense)	(21,388)		1,741		(10,758)		(34,169)
Income (loss) from operations before income taxes	9,233		(13,404)		84,072		(77,872)
Income tax expense	(660)		(423)		(1,535)		(1,170)


NET INCOME (LOSS)	8,573		(13,827)		82,537		(79,042)
Net loss (income) attributable to noncontrolling interests	(5,188)		10		(18,612)		(124)
Net income attributable to redeemable noncontrolling interests	—		(7,082)		(30,443)		(17,639)
NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	3,385	$	(20,899)	$	33,482	$	(96,805)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(18,684)		(18,684)		(56,052)		(56,052)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS	$	(15,299)	$	(39,583)	$	(22,570)	$	(152,857)
NET LOSS PER COMMON UNIT (Note 11):


Basic and Diluted	$	(0.12)	$	(0.32)	$	(0.18)	$	(1.25)
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
Basic and Diluted	122,579		122,579		122,579		122,579

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income (loss)	$	8,573	$	(13,827)	$	82,537	$	(79,042)
Other comprehensive income:
Amortization of prior year service cost	122		122		365		365
Total Comprehensive income (loss)	8,695		(13,705)		82,902		(78,677)
Comprehensive loss (income) attributable to noncontrolling interests	(5,188)		10		(18,612)		(124)
Comprehensive income attributable to redeemable noncontrolling interests	—		(7,082)		(30,443)		(17,639)
Comprehensive income (loss) attributable to Genesis Energy, L.P.	$	3,507	$	(20,777)	$	33,847	$	(96,440)

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(In thousands)


	Number of Common Units	Partners’ Capital		Noncontrolling Interest		Accumulated Other Comprehensive Loss		Total
Partners' capital, June 30, 2022	122,579	$	596,059	$	299,846	$	(5,364)	$	890,541
Net income	—	3,385		5,188		—		8,573
Cash distributions to partners	—	(18,387)		—		—		(18,387)
Cash distributions to noncontrolling interests	—	—		(6,324)		—		(6,324)
Cash contributions from noncontrolling interests	—	—		10,440		—		10,440
Other comprehensive income	—	—		—		122		122
Distributions to Class A Convertible Preferred unitholders	—	(18,684)		—		—		(18,684)


Partners' capital, September 30, 2022	122,579	$	562,373	$	309,150	$	(5,242)	$	866,281

	Number of Common Units	Partners’ Capital		Noncontrolling Interest		Accumulated Other Comprehensive Loss		Total
Partners' capital, June 30, 2021	122,579	$	679,278	$	(594)	$	(9,122)	$	669,562
Net loss	—	(20,899)		(10)		—		(20,909)
Cash distributions to partners	—	(18,387)		—		—		(18,387)
Cash contributions from noncontrolling interests	—	—		172		—		172
Other comprehensive income	—	—		—		122		122
Distributions to Class A Convertible Preferred unitholders	—	(18,684)		—		—		(18,684)
Partners' capital, September 30, 2021	122,579	$	621,308	$	(432)	$	(9,000)	$	611,876


	Number of Common Units	Partners’ Capital		Noncontrolling Interest		Accumulated Other Comprehensive Loss		Total
Partners' capital, December 31, 2021	122,579	$	641,313	$	294,746	$	(5,607)	$	930,452
Net income	—	33,482		18,612		—		52,094
Cash distributions to partners	—	(55,161)		—		—		(55,161)
Adjustment to valuation of noncontrolling interest in subsidiary	—	(1,209)		1,209		—		—
Cash distributions to noncontrolling interests	—	—		(24,656)		—		(24,656)
Cash contributions from noncontrolling interests	—	—		19,239		—		19,239
Other comprehensive income	—	—		—		365		365
Distributions to Class A Convertible Preferred unitholders	—	(56,052)		—		—		(56,052)


Partners' capital, September 30, 2022	122,579	$	562,373	$	309,150	$	(5,242)	$	866,281
	Number of Common Units	Partners’ Capital		Noncontrolling Interest		Accumulated Other Comprehensive Loss		Total
Partners' capital, December 31, 2020	122,579	$	829,326	$	(1,113)	$	(9,365)	$	818,848
Net income (loss)	—	(96,805)		124		—		(96,681)
Cash distributions to partners	—	(55,161)		—		—		(55,161)
Cash contributions from noncontrolling interests	—	—		557		—		557
Other comprehensive income	—	—		—		365		365
Distributions to Class A Convertible Preferred unitholders	—	(56,052)		—		—		(56,052)
Partners' capital, September 30, 2021	122,579	$	621,308	$	(432)	$	(9,000)	$	611,876

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


	Nine Months Ended September 30,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	82,537	$	(79,042)
Adjustments to reconcile net income (loss) to net cash provided by operating activities -
Depreciation, depletion and amortization	217,125		200,975

Gain on sale of asset	(40,000)		—

Amortization and write-off of debt issuance costs, premium and discount	7,110		9,242

Payments received under previously owned direct financing leases	—		52,500
Equity in earnings of investments in equity investees	(40,252)		(45,183)
Cash distributions of earnings of equity investees	41,496		44,747
Non-cash effect of long-term incentive compensation plans	10,835		5,111
Deferred and other tax liabilities	1,010		630
Unrealized losses on derivative transactions	15,726		30,729
Cancellation of debt income	(8,619)		—
Other, net	14,203		16,191
Net changes in components of operating assets and liabilities (Note 14)	(48,576)		6,457
Net cash provided by operating activities	252,595		242,357
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	(303,789)		(217,972)
Cash distributions received from equity investees - return of investment	14,737		24,126
Investments in equity investees	(5,441)		(129)


Proceeds from asset sales	40,281		223

Net cash used in investing activities	(254,212)		(193,752)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	697,000		553,100
Repayments on senior secured credit facility	(625,800)		(763,800)
Net proceeds from issuance of Alkali senior secured notes (Note 9)	408,000		—
Redemption of preferred units (Note 10)	(288,629)		—
Proceeds from issuance of senior unsecured notes (Note 9)	—		259,375
Net proceeds from issuance of preferred units	—		93,100
Repayment of senior unsecured notes (Note 9)	(72,241)		(80,859)
Debt issuance costs	(6,019)		(12,208)

Contributions from noncontrolling interests	19,239		557
Distributions to noncontrolling interests	(24,656)		—
Distributions to common unitholders	(55,161)		(55,161)
Distributions to Class A Convertible Preferred unitholders	(56,052)		(56,052)
Other, net	5,429		1,821
Net cash provided by (used in) financing activities	1,110		(60,127)
Net decrease in cash, cash equivalents and restricted cash	(507)		(11,522)
Cash, cash equivalents and restricted cash at beginning of period	24,992		27,018
Cash, cash equivalents and restricted cash at end of period	$	24,485	$	15,496

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. 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.

2. Recent Accounting Developments

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), which among other things, replaced our existing LIBOR rate based borrowings with the Term SOFR rate, which is based on the Secured Overnight Financing Rate (“SOFR”) borrowings. The impact to our senior secured credit facility and related interest expense upon transition to SOFR did not have a material impact on our Unaudited Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2022. Refer to Note 9 for more details.

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GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3. Revenue Recognition

Revenue from Contracts with Customers

The following tables reflect the disaggregation of our revenues by major category for the three months ended September 30, 2022 and 2021, respectively:


	Three Months Ended September 30, 2022
	Offshore Pipeline Transportation		Sodium Minerals & Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	89,805	$	—	$	77,795	$	20,177	$	187,777
Product Sales	—		290,620		—		220,790		511,410
Refinery Services	—		22,061		—		—		22,061
	$	89,805	$	312,681	$	77,795	$	240,967	$	721,248


	Three Months Ended September 30, 2021
	Offshore Pipeline Transportation		Sodium Minerals & Sulfur Services		Marine Transportation		Onshore Facilities & Transportation		Consolidated
Fee-based revenues	$	69,479	$	—	$	48,716	$	26,603	$	144,798
Product Sales	—		210,997		—		136,372		347,369
Refinery Services	—		26,654		—		—		26,654
	$	69,479	$	237,651	$	48,716	$	162,975	$	518,821

The following tables reflect the disaggregation of our revenues by major category for the nine months ended September 30, 2022 and 2021, respectively:


	Nine Months Ended September 30, 2022
	Offshore Pipeline Transportation		Sodium Minerals & Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	239,958	$	—	$	209,889	$	54,280	$	504,127
Product Sales	—		837,335		—		653,830		1,491,165
Refinery Services	—		79,628		—		—		79,628
	$	239,958	$	916,963	$	209,889	$	708,110	$	2,074,920


	Nine Months Ended September 30, 2021
	Offshore Pipeline Transportation		Sodium Minerals & Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	207,084	$	—	$	136,673	$	69,173	$	412,930
Product Sales	—		628,209		—		428,940		1,057,149
Refinery Services	—		73,816		—		—		73,816
	$	207,084	$	702,025	$	136,673	$	498,113	$	1,543,895

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. During the

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GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

three and nine months ended September 30, 2021, we recorded immaterial amounts of revenue associated with prior periods of

approximately $10.7 million and $8.2 million, respectively, of which the majority was noncash.

Contract Assets and Liabilities

The table below depicts our contract asset and liability balances at December 31, 2021 and September 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 September 30, 2022	—			16,662		35,602

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 September 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	$	19,314	$	1,800
2023	67,941		7,200
2024	60,970		1,800
2025	64,292