10-Q 1 gel-20220930.htm 10-Q gel-20220930
GENESIS ENERGY LP000102232112/312022Q3FALSEP6MP6MP1YP1YP1YP1YP1YP1YP1YP1Y239,958209,88954,280837,335653,83079,628207,084136,67369,173628,209428,94073,8166.5Subsequent 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 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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
OR
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)

Delaware76-0513049
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
811 Louisiana, Suite 1200,
Houston,TX77002
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common unitsGELNYSE
 
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  ¨







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 filerxAccelerated 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.


GENESIS ENERGY, L.P.
TABLE OF CONTENTS
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
GENESIS ENERGY, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except units)  
September 30, 2022December 31, 2021
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$5,848 $19,987 
Restricted cash18,637 5,005 
Accounts receivable - trade, net575,927 400,334 
Inventories92,907 77,958 
Other33,111 39,200 
Total current assets726,430 542,484 
FIXED ASSETS, at cost5,731,630 5,464,040 
Less: Accumulated depreciation(1,711,306)(1,551,855)
Net fixed assets4,020,324 3,912,185 
MINERAL LEASEHOLDS, net of accumulated depletion546,175 549,005 
EQUITY INVESTEES285,417 294,050 
INTANGIBLE ASSETS, net of amortization127,201 127,063 
GOODWILL301,959 301,959 
RIGHT OF USE ASSETS, net128,288 140,796 
OTHER ASSETS, net of amortization33,745 38,259 
TOTAL ASSETS$6,169,539 $5,905,801 
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Accounts payable - trade$378,367 $264,316 
Accrued liabilities266,950 232,623 
Total current liabilities645,317 496,939 
SENIOR SECURED CREDIT FACILITY120,200 49,000 
SENIOR UNSECURED NOTES, net of debt issuance costs and premium2,854,874 2,930,505 
ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount402,254  
DEFERRED TAX LIABILITIES15,307 14,297 
OTHER LONG-TERM LIABILITIES373,397 434,925 
Total liabilities4,411,349 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 interests309,150 294,746 
Total partners’ capital866,281 930,452 
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.
3


GENESIS ENERGY, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
REVENUES:
Offshore pipeline transportation$89,805 $69,479 $239,958 $207,084 
Sodium minerals and sulfur services312,681 237,651 916,963 702,025 
Marine transportation77,795 48,716 209,889 136,673 
Onshore facilities and transportation240,967 162,975 708,110 498,113 
Total revenues721,248 518,821 2,074,920 1,543,895 
COSTS AND EXPENSES:
Onshore facilities and transportation product costs213,680 129,498 630,985 414,933 
Onshore facilities and transportation operating costs17,697 15,792 50,276 47,887 
Marine transportation operating costs63,074 39,782 165,726 111,986 
Sodium minerals and sulfur services operating costs235,308 196,656 699,847 578,058 
Offshore pipeline transportation operating costs25,410 21,080 74,785 63,060 
General and administrative17,038 14,371 52,825 38,944 
Depreciation, depletion and amortization73,946 67,148 217,125 200,975 
Gain on sale of asset  (40,000) 
Total costs and expenses646,153 484,327 1,851,569 1,455,843 
OPERATING INCOME75,095 34,494 223,351 88,052 
Equity in earnings of equity investees13,236 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 taxes9,233 (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 Diluted122,579 122,579 122,579 122,579 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

4

GENESIS ENERGY, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income (loss)$8,573 $(13,827)$82,537 $(79,042)
Other comprehensive income:
Amortization of prior year service cost122 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.

5


GENESIS ENERGY, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(In thousands)
Number of Common UnitsPartners’ CapitalNoncontrolling InterestAccumulated Other Comprehensive LossTotal
Partners' capital, June 30, 2022122,579 $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, 2022122,579 $562,373 $309,150 $(5,242)$866,281 
Number of Common UnitsPartners’ CapitalNoncontrolling InterestAccumulated Other Comprehensive LossTotal
Partners' capital, June 30, 2021122,579 $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, 2021122,579 $621,308 $(432)$(9,000)$611,876 
Number of Common UnitsPartners’ CapitalNoncontrolling InterestAccumulated Other Comprehensive LossTotal
Partners' capital, December 31, 2021122,579 $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, 2022122,579 $562,373 $309,150 $(5,242)$866,281 
Number of Common UnitsPartners’ CapitalNoncontrolling InterestAccumulated Other Comprehensive LossTotal
Partners' capital, December 31, 2020122,579 $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, 2021122,579 $621,308 $(432)$(9,000)$611,876 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
6

GENESIS ENERGY, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 Nine Months Ended
September 30,
 20222021
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 amortization217,125 200,975 
Gain on sale of asset(40,000) 
Amortization and write-off of debt issuance costs, premium and discount7,110 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 investees41,496 44,747 
               Non-cash effect of long-term incentive compensation plans10,835 5,111 
Deferred and other tax liabilities1,010 630 
Unrealized losses on derivative transactions15,726 30,729 
Cancellation of debt income(8,619) 
Other, net14,203 16,191 
Net changes in components of operating assets and liabilities (Note 14)
(48,576)6,457 
Net cash provided by operating activities252,595 242,357 
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets(303,789)(217,972)
Cash distributions received from equity investees - return of investment14,737 24,126 
Investments in equity investees(5,441)(129)
Proceeds from asset sales40,281 223 
Net cash used in investing activities(254,212)(193,752)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility697,000 553,100 
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 interests19,239 557 
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, net5,429 1,821 
Net cash provided by (used in) financing activities1,110 (60,127)
Net decrease in cash, cash equivalents and restricted cash(507)(11,522)
Cash, cash equivalents and restricted cash at beginning of period24,992 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.
7

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.
8

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 TransportationSodium Minerals & Sulfur ServicesMarine TransportationOnshore Facilities and TransportationConsolidated
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 TransportationSodium Minerals & Sulfur ServicesMarine TransportationOnshore Facilities & TransportationConsolidated
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 TransportationSodium Minerals & Sulfur ServicesMarine TransportationOnshore Facilities and TransportationConsolidated
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 TransportationSodium Minerals & Sulfur ServicesMarine TransportationOnshore Facilities and TransportationConsolidated
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
9

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 AssetsContract Liabilities
Current Assets- OtherAccrued LiabilitiesOther 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 TransportationOnshore Facilities and Transportation
Remainder of 2022$19,314 $1,800 
202367,941 7,200 
202460,970 1,800 
202564,292