Company Quick10K Filing
Genesis Energy
Price1.00 EPS-50,630,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt2,443 EBIT197
TEV2,443 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
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8-K 2017-12-31

GEL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits.
EX-10.1 gel03312020exhibit101.htm
EX-22.1 gel03312020exhibit221.htm
EX-31.1 gel03312020exhibit311.htm
EX-31.2 gel03312020exhibit312.htm
EX-32 gel03312020exhibit32.htm
EX-95 gel03312020exhibit95.htm

Genesis Energy Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.51.20.90.50.2-0.12012201420172020
Rev, G Profit, Net Income
1.60.90.3-0.4-1.0-1.72012201420172020
Ops, Inv, Fin

Document
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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 March 31, 2020
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)
 
 
 
 
 

Delaware
 
 
 
76-0513049
(State or other jurisdiction of
incorporation or organization)
 
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
919 Milam, Suite 2100,
 
 
 
 
 
Houston
,
TX
 
 
 
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  ¨

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
x
 
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 May 6, 2020.




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.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except units)  
 
March 31, 2020
 
December 31, 2019
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
18,137

 
$
29,128

Restricted cash
23,372

 
27,277

Accounts receivable - trade, net
315,645

 
417,002

Inventories
70,161

 
65,137

Other
69,565

 
54,530

Total current assets
496,880

 
593,074

FIXED ASSETS, at cost
5,567,710

 
5,540,596

Less: Accumulated depreciation
(1,311,219
)
 
(1,246,121
)
Net fixed assets
4,256,491

 
4,294,475

MINERAL LEASEHOLDS, net of accumulated depletion
554,862

 
555,825

NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income
105,251

 
107,702

EQUITY INVESTEES
327,942

 
334,523

INTANGIBLE ASSETS, net of amortization
136,071

 
138,927

GOODWILL
301,959

 
301,959

RIGHT OF USE ASSETS, net
175,889

 
177,071

OTHER ASSETS, net of amortization
79,113

 
94,085

TOTAL ASSETS
$
6,434,458

 
$
6,597,641

LIABILITIES AND CAPITAL
 
 
 
CURRENT LIABILITIES:
 
 
 
Accounts payable - trade
$
151,868

 
$
218,737

Accrued liabilities
172,941

 
196,758

Total current liabilities
324,809

 
415,495

SENIOR SECURED CREDIT FACILITY
977,400

 
959,300

SENIOR UNSECURED NOTES, net of debt issuance costs
2,463,171

 
2,469,937

DEFERRED TAX LIABILITIES
12,125

 
12,640

OTHER LONG-TERM LIABILITIES
366,281

 
393,850

Total liabilities
4,143,786

 
4,251,222

 
 
 
 
MEZZANINE CAPITAL:
 
 
 
Class A Convertible Preferred Units, 25,336,778 issued and outstanding at March 31, 2020 and December 31, 2019
790,115

 
790,115

Redeemable noncontrolling interests, 130,000 preferred units issued and outstanding at March 31, 2020 and December 31, 2019, respectively
129,219

 
125,133

 
 
 
 
PARTNERS’ CAPITAL:
 
 
 
Common unitholders, 122,579,218 units issued and outstanding at March 31, 2020 and December 31, 2019
1,382,126

 
1,443,320

Accumulated other comprehensive loss
(8,431
)
 
(8,431
)
Noncontrolling interests
(2,357
)
 
(3,718
)
Total partners' capital
1,371,338

 
1,431,171

TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL
$
6,434,458

 
$
6,597,641

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, except per unit amounts)
 
 
Three Months Ended
March 31,
 
2020
 
2019
REVENUES:
 
 
 
Offshore pipeline transportation
$
78,429

 
$
78,317

Sodium minerals and sulfur services
243,390

 
275,486

Marine transportation
62,346

 
56,650

Onshore facilities and transportation
155,758

 
209,556

Total revenues
539,923

 
620,009

COSTS AND EXPENSES:
 
 
 
Onshore facilities and transportation product costs
111,952

 
168,105

Onshore facilities and transportation operating costs
18,248

 
19,652

Marine transportation operating costs
42,937

 
43,733

Sodium minerals and sulfur services operating costs
205,233

 
218,708

Offshore pipeline transportation operating costs
18,661

 
18,458

General and administrative
9,373

 
11,686

Depreciation, depletion and amortization
74,357

 
77,638

Total costs and expenses
480,761

 
557,980

OPERATING INCOME
59,162

 
62,029

Equity in earnings of equity investees
14,159

 
12,997

Interest expense
(54,965
)
 
(55,701
)
Other income (expense)
10,258

 
(2,976
)
Income before income taxes
28,614

 
16,349

Income tax benefit (expense)
365

 
(402
)
NET INCOME
28,979

 
15,947

Net loss attributable to noncontrolling interests
16

 
7

Net income attributable to redeemable noncontrolling interests
(4,086
)
 

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
24,909

 
$
15,954

Less: Accumulated distributions attributable to Class A Convertible Preferred Units
(18,684
)
 
(18,415
)
NET INCOME (LOSS) AVAILABLE TO COMMON UNITHOLDERS
$
6,225

 
$
(2,461
)
NET INCOME (LOSS) PER COMMON UNIT (Note 11):
 
 
 
Basic and Diluted
$
0.05

 
$
(0.02
)
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
 
 
 
Basic and Diluted
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
(In thousands)

 
Three Months Ended
March 31,
 
2020
 
2019
Net income
$
28,979

 
$
15,947

Other comprehensive income:
 
 
 
Change in benefit plan liability

 

Total Comprehensive income
28,979

 
15,947

Comprehensive loss attributable to noncontrolling interests
16

 
7

Comprehensive income attributable to redeemable noncontrolling interests
$
(4,086
)
 
$

Comprehensive income attributable to Genesis Energy, L.P.
$
24,909

 
$
15,954

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 Units
 
Partners’ Capital
 
Noncontrolling Interest
 
Accumulated Other Comprehensive Loss
 
Total
Partners’ capital, January 1, 2020
122,579

 
$
1,443,320

 
$
(3,718
)
 
$
(8,431
)
 
$
1,431,171

Net income (loss)

 
24,909

 
(16
)
 

 
24,893

Cash distributions to partners

 
(67,419
)
 

 

 
(67,419
)
Cash contributions from noncontrolling interests

 

 
1,377

 

 
1,377

Distributions to Class A Convertible Preferred unitholders

 
(18,684
)
 

 

 
(18,684
)
Partners' capital, March 31, 2020
122,579

 
$
1,382,126

 
$
(2,357
)
 
$
(8,431
)
 
$
1,371,338

 
Number of
Common Units
 
Partners’ Capital
 
Noncontrolling Interest
 
Accumulated Other Comprehensive Income
 
Total
Partners’ capital, January 1, 2019
122,579

 
$
1,690,799

 
$
(11,204
)
 
$
939

 
$
1,680,534

Net income (loss)

 
15,954

 
(7
)
 

 
15,947

Cash distributions to partners

 
(67,419
)
 

 

 
(67,419
)
Cash contributions from noncontrolling interests

 

 
610

 

 
610

Distributions to Class A Convertible Preferred unitholders

 
(18,020
)
 

 

 
(18,020
)
Partners' capital, March 31, 2019
122,579

 
$
1,621,314

 
$
(10,601
)
 
$
939

 
$
1,611,652

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)
 
 
Three Months Ended March 31,
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
28,979

 
$
15,947

Adjustments to reconcile net income to net cash provided by operating activities -
 
 
 
Depreciation, depletion and amortization
74,357

 
77,638

Amortization and write-off of debt issuance costs and discount
11,527

 
2,682

Amortization of unearned income and initial direct costs on direct financing leases
(2,929
)
 
(3,139
)
Payments received under direct financing leases
5,167

 
5,167

Equity in earnings of investments in equity investees
(14,159
)
 
(12,997
)
Cash distributions of earnings of equity investees
13,505

 
12,400

Non-cash effect of long-term incentive compensation plans
(5,027
)
 
1,565

Deferred and other tax liabilities
(515
)
 
252

Unrealized (gains) losses on derivative transactions
(31,118
)
 
5,666

Other, net
2,231

 
5,640

Net changes in components of operating assets and liabilities (Note 14)
7,534

 
3,200

Net cash provided by operating activities
89,552

 
114,021

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Payments to acquire fixed and intangible assets
(38,001
)
 
(29,612
)
Cash distributions received from equity investees - return of investment
7,060

 
5,425

Proceeds from asset sales
61

 
358

Net cash used in investing activities
(30,880
)
 
(23,829
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Borrowings on senior secured credit facility
393,500

 
187,500

Repayments on senior secured credit facility
(375,400
)
 
(215,600
)
Proceeds from issuance of senior unsecured notes due 2028
750,000

 

Repayment of senior unsecured notes due 2022
(750,000
)
 

Debt issuance costs
(13,295
)
 

Contributions from noncontrolling interests
1,377

 
610

Distributions to common unitholders
(67,419
)
 
(67,419
)
Distributions to preferred unitholders
(18,684
)
 

Other, net
6,353

 
5,621

Net cash used in financing activities
(73,568
)
 
(89,288
)
Net increase (decrease) in cash, restricted cash, and cash equivalents
(14,896
)
 
904

Cash, restricted cash and cash equivalents at beginning of period
56,405

 
10,300

Cash, restricted cash and cash equivalents at end of period
$
41,509

 
$
11,204

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 formed in Delaware in 1996 and focused on the midstream segment of the crude oil and natural gas industry in the Gulf Coast region of the United States and 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 soda ash business (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 and 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, producing, marketing and selling activities, as well as 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 terminalling, blending, storing, marketing, and transporting crude oil, petroleum products, and CO2; and
Marine transportation to provide waterborne transportation of petroleum 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 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, 2019 (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.
COVID-19 Update
In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. Our operations, which fall within the energy, mining and transportation sectors, are considered critical and essential by the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency ("CISA") and we have continued to operate our assets during this pandemic.
We considered the impact of COVID-19 on the assumptions and estimates reflected in our financial statements. We noted, other than the impact of general macroeconomic conditions, there were no material adverse effects from the pandemic on our results for the three months ended March 31, 2020. See further discussion on COVID-19 in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
    

8

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. Recent Accounting Developments
Recently Adopted
We have adopted guidance under ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as of January 1, 2020 . The standard changed the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities are required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. We performed an assessment at our adoption date, January 1, 2020, which consisted of reviewing current and historical information pertaining to our trade accounts receivable and existing contract assets. Our assessment resulted in an immaterial impact to our consolidated financial statements as of the adoption date and for the three months ended March 31, 2020.
During the first quarter of 2020, the SEC amended the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X to go in effect January 4, 2021. The amendment simplifies the disclosure requirements and permits the amended disclosures to be provided outside the footnotes in audited annual or unaudited interim consolidated financial statements in all filings. As permitted by the amendment, we have early adopted the amendment and included the required summarized financial information in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
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 March 31, 2020 and 2019, respectively:
 
Three Months Ended
March 31, 2020
 
Offshore Pipeline Transportation
 
Sodium Minerals & Sulfur Services
 
Marine Transportation
 
Onshore Facilities and Transportation
 
Consolidated
Fee-based revenues
$
78,429

 
$

 
$
62,346

 
$
40,990

 
$
181,765

Product Sales

 
215,366

 

 
114,768

 
330,134

Refinery Services

 
28,024

 

 

 
28,024

 
$
78,429

 
$
243,390

 
$
62,346

 
$
155,758

 
$
539,923

 
Three Months Ended
March 31, 2019
 
Offshore Pipeline Transportation
 
Sodium Minerals & Sulfur Services
 
Marine Transportation
 
Onshore Facilities & Transportation
 
Consolidated
Fee-based revenues
$
78,317

 
$

 
$
56,650

 
$
38,012

 
$
172,979

Product Sales

 
257,843

 

 
171,544

 
429,387

Refinery Services

 
17,643

 

 

 
17,643

 
$
78,317

 
$
275,486

 
$
56,650

 
$
209,556

 
$
620,009



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.


9

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Contract Assets and Liabilities
The table below depicts our contract asset and liability balances at December 31, 2019 and March 31, 2020:

 
Contract Assets
 
Contract Liabilities
 
Current
 
Non-Current
 
Current
Non-Current
Balance at December 31, 2019
$
21,912

 
$
54,232

 
$
2,896

$
23,170

Balance at March 31, 2020
33,672

 
37,277

 
2,983

22,376




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 March 31, 2020. We are exempted 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 2020
$
54,873

$
43,220

2021
58,623

20,269

2022
69,134

4,283

2023
58,540


2024
52,812


Thereafter
154,899


Total
$
448,881

$
67,772





4. Lease Accounting
Lessee Arrangements
We lease a variety of transportation equipment (including trucks, trailers, and 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 asset and associated lease liability. Leases with a term of less than 12 months are not recorded on our Unaudited Condensed Consolidated Balance Sheets. Lease expenses are recognized 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 remaining provision for each period presented for our cease-use provision for railcars no longer in use. 



10

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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
We act as a lessor in our revenue contracts associated with the M/T American Phoenix, within the marine transportation segment, and on our Free State pipeline system, included in our onshore facilities and transportation segment. These revenues are recorded within its respective segment's revenues in the Unaudited Condensed Consolidated Statements of Operations. Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below for the three months ended March 31, 2020 and 2019, respectively:
 
Three Months Ended
March 31,
 
2020
 
2019
M/T American Phoenix
$
6,643

 
$
6,660

Free State Pipeline
1,923

 
1,634


Direct Finance Lease
Our direct finance lease includes a lease of the Northeast Jackson Dome ("NEJD") Pipeline. Under the terms of the agreement, we are paid a quarterly payment, which commenced in August 2008. These payments are fixed at approximately $5.2 million per quarter during the lease term at an interest rate of 10.25%. At the end of the lease term in 2028, we will convey all of our interest in the NEJD Pipeline to the lessee for a nominal payment.
The following table details the fixed lease payments we will receive for our lessor arrangements as of March 31, 2020:    
 
Operating Leases
Direct Financing Lease
Maturity of Lessor Receipts
Marine Transportation
Onshore Facilities and Transportation
Onshore Facilities and Transportation
Remainder of 2020
$
13,394

$
900

$
15,501

2021

1,200

20,668

2022

1,200

20,668

2023

1,200

20,668

2024

1,200

20,668

Thereafter

4,100

72,336

Total Lease Receipts
13,394

9,800

170,509

Less: Interest


(55,733
)
Total Net Lease Receipts
$
13,394

$
9,800

$
114,776


The present value of our lease receivables for our direct finance lease includes a current portion of $9.5 million, which is recorded in other current assets on the Unaudited Condensed Consolidated Balance Sheet as of March 31, 2020.


11

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5. Inventories
The major components of inventories were as follows:
 
March 31,
2020
 
December 31,
2019
Petroleum products
$
3,645

 
$
2,721

Crude oil
3,133

 
5,271

Caustic soda
5,821

 
5,965

NaHS
13,473

 
10,845

Raw materials - Alkali operations
5,999

 
6,238

Work-in-process - Alkali operations
8,399

 
8,579

Finished goods, net - Alkali operations
17,779

 
14,168

Materials and supplies, net - Alkali operations
11,912

 
11,350

Total
$
70,161

 
$
65,137



Inventories are valued at the lower of cost or net realizable value. The net realizable value of inventories was adjusted $3.5 million below cost as of March 31, 2020, with no such adjustment as of December 31, 2019.

12

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

6. Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations
Fixed Assets
Fixed assets, net consisted of the following:
 
 
March 31,
2020
 
December 31,
2019
Crude oil pipelines and natural gas pipelines and related assets
$
2,892,342

 
$
2,891,489

Alkali facilities, machinery, and equipment
594,263

 
591,547

Onshore facilities, machinery, and equipment
641,135

 
640,376

Transportation equipment
19,662

 
19,864

Marine vessels
994,730

 
979,171

Land, buildings and improvements
238,992

 
238,451

Office equipment, furniture and fixtures
22,659

 
22,645

Construction in progress
122,036

 
115,162

Other
41,891

 
41,891

Fixed assets, at cost
5,567,710

 
5,540,596

Less: Accumulated depreciation
(1,311,219
)
 
(1,246,121
)
Net fixed assets
$
4,256,491

 
$
4,294,475



Mineral Leaseholds
Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:
 
March 31,
2020
 
December 31,
2019
Mineral leaseholds
$
566,019

 
$
566,019

Less: Accumulated depletion
(11,157
)
 
(10,194
)
Mineral leaseholds, net of accumulated depletion
$
554,862

 
$
555,825



Our depreciation and depletion expense for the periods presented was as follows:
 
Three Months Ended
March 31,
 
2020
 
2019
Depreciation expense
$
69,242

 
$
71,672

Depletion expense
963

 
1,319



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, 2019:
ARO liability balance, December 31, 2019
$
175,081

Accretion expense
2,233

Changes in estimate
(800
)
Settlements
(6,986
)
ARO liability balance, March 31, 2020
$
169,528



13

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Of the ARO balances disclosed above, $13.8 million and $26.6 million is included as current in "Accrued liabilities" on our Unaudited Condensed Consolidated Balance Sheet as of March 31, 2020 and December 31, 2019, respectively. The remainder of the ARO liability as of March 31, 2020 and December 31, 2019 is included in "Other long-term liabilities" on our Unaudited Condensed Consolidated Balance Sheet.
With respect to our AROs, the following table presents our estimate of accretion expense for the periods indicated:
Remainder of
2020
$
7,029

 
2021
$
9,402

 
2022
$
9,412

 
2023
$
10,075

 
2024
$
10,786


Certain of our unconsolidated affiliates have AROs recorded at March 31, 2020 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements.
7. 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 March 31, 2020 and December 31, 2019, the unamortized excess cost amounts totaled $347.0 million and $350.9 million, respectively. We amortize the excess cost as a reduction in equity earnings.
The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees.
 
Three Months Ended
March 31,
 
2020
 
2019
Genesis’ share of operating earnings
$
18,032

 
$
16,870

Amortization of excess purchase price
(3,873
)
 
(3,873
)
Net equity in earnings
$
14,159

 
$
12,997

Distributions received
$
20,565

 
$
17,825



The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") (which is our most significant equity investment):
 
March 31,
2020
 
December 31,
2019
BALANCE SHEET DATA:
 
 
 
Assets
 
 
 
Current assets
$
20,112

 
$
30,307

Fixed assets, net
183,268

 
187,091

Other assets
2,014

 
2,113

Total assets
$
205,394

 
$
219,511

Liabilities and equity
 
 
 
Current liabilities
$
15,135

 
$
15,558

Other liabilities
236,659

 
245,976

Equity
(46,400
)
 
(42,023
)
Total liabilities and equity
$
205,394

 
$
219,511




14

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 
Three Months Ended
March 31,
 
2020
 
2019
INCOME STATEMENT DATA:
 
 
 
Revenues
$
32,892

 
$
31,052

Operating income
$
23,606

 
$
22,305

Net income
$
21,583

 
$
19,850




Poseidon's Revolving Credit Facility
Borrowings under Poseidon’s revolving credit facility, which was amended and restated in March 2019, are primarily used to fund spending on capital projects. The March 2019 credit facility is non-recourse to Poseidon’s owners and secured by substantially all of Poseidon's assets and has a maturity date of March 2024. The March 2019 credit facility contains customary covenants such as restrictions on debt levels, liens, guarantees, mergers, sale of assets and distributions to owners. A breach of any of these covenants could result in acceleration of the maturity date of Poseidon’s debt. Poseidon was in compliance with the terms of its credit agreement for all periods presented in these Unaudited Condensed Consolidated Financial Statements.
8. Intangible Assets
The following table summarizes the components of our intangible assets at the dates indicated:
 
 
March 31, 2020
 
December 31, 2019
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Carrying
Value
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Carrying
Value
Marine contract intangibles
$
27,800

 
$
24,392

 
$
3,408

 
$
27,800

 
$
23,033

 
$
4,767

Offshore pipeline contract intangibles
158,101

 
38,832