10-Q 1 gel-20230930.htm 10-Q gel-20230930
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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, 2023
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 122,424,321 Class A Common Units and 39,997 Class B Common Units outstanding as of November 1, 2023.


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, 2023December 31, 2022
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$21,101 $7,930 
Restricted cash18,804 18,637 
Accounts receivable - trade, net871,298 721,567 
Inventories126,946 78,143 
Other53,396 26,770 
Total current assets1,091,545 853,047 
FIXED ASSETS, at cost6,248,511 5,865,038 
Less: Accumulated depreciation(1,925,879)(1,768,465)
Net fixed assets4,322,632 4,096,573 
MINERAL LEASEHOLDS, net of accumulated depletion541,866 545,122 
EQUITY INVESTEES270,294 284,486 
INTANGIBLE ASSETS, net of amortization141,703 127,320 
GOODWILL301,959 301,959 
RIGHT OF USE ASSETS, net229,785 125,277 
OTHER ASSETS, net of amortization38,658 32,208 
TOTAL ASSETS$6,938,442 $6,365,992 
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Accounts payable - trade$660,577 $427,961 
Accrued liabilities363,136 281,146 
Total current liabilities1,023,713 709,107 
SENIOR SECURED CREDIT FACILITY198,400 205,400 
SENIOR UNSECURED NOTES, net of debt issuance costs and premium3,011,386 2,856,312 
ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount394,320 402,442 
DEFERRED TAX LIABILITIES17,577 16,652 
OTHER LONG-TERM LIABILITIES541,373 400,617 
Total liabilities5,186,769 4,590,530 
MEZZANINE CAPITAL:
Class A Convertible Preferred Units, 23,853,538 and 25,336,778 issued and outstanding at September 30, 2023 and December 31, 2022, respectively
839,695 891,909 
PARTNERS’ CAPITAL:
Common unitholders, 122,464,318 and 122,579,218 units issued and outstanding at September 30, 2023 and December 31, 2022, respectively
547,622 567,277 
Accumulated other comprehensive income6,479 6,114 
Noncontrolling interests357,877 310,162 
Total partners’ capital911,978 883,553 
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL$6,938,442 $6,365,992 
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,
 2023202220232022
REVENUES:
Offshore pipeline transportation$106,297 $89,805 $289,151 $239,958 
Soda and sulfur services423,575 312,681 1,331,078 916,963 
Marine transportation80,220 77,795 240,789 209,889 
Onshore facilities and transportation197,526 240,967 541,874 708,110 
Total revenues807,618 721,248 2,402,892 2,074,920 
COSTS AND EXPENSES:
Onshore facilities and transportation product costs171,142 213,680 469,627 630,985 
Onshore facilities and transportation operating costs17,648 17,697 52,867 50,276 
Marine transportation operating costs53,371 63,074 162,955 165,726 
Soda and sulfur services operating costs344,963 235,308 1,123,850 699,847 
Offshore pipeline transportation operating costs23,651 25,410 71,515 74,785 
General and administrative16,770 17,038 48,253 52,825 
Depreciation, depletion and amortization68,379 73,946 209,966 217,125 
Gain on sale of asset   (40,000)
Total costs and expenses695,924 646,153 2,139,033 1,851,569 
OPERATING INCOME111,694 75,095 263,859 223,351 
Equity in earnings of equity investees17,242 13,236 49,606 40,252 
Interest expense(61,580)(57,710)(184,057)(168,773)
Other expense (21,388)(1,812)(10,758)
Income from operations before income taxes67,356 9,233 — 127,596 84,072 
Income tax expense(574)(660)(1,748)(1,535)
NET INCOME 66,782 8,573 125,848 82,537 
Net income attributable to noncontrolling interests(8,712)(5,188)(20,078)(18,612)
Net income attributable to redeemable noncontrolling interests   (30,443)
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.$58,070 $3,385 $105,770 $33,482 
Less: Accumulated distributions and returns attributable to Class A Convertible Preferred Units(22,308)(18,684)(69,220)(56,052)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON UNITHOLDERS$35,762 $(15,299)$36,550 $(22,570)
NET INCOME (LOSS) PER COMMON UNIT (Note 12):
Basic and Diluted$0.29 $(0.12)$0.30 $(0.18)
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
Basic and Diluted122,521 122,579 122,559 122,579 
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
September 30,
Nine Months Ended
September 30,
2023202220232022
Net income$66,782 $8,573 $125,848 $82,537 
Other comprehensive income:
Decrease in benefit plan liability122 122 365 365 
Total Comprehensive income 66,904 8,695 126,213 82,902 
Comprehensive income attributable to noncontrolling interests(8,712)(5,188)(20,078)(18,612)
Comprehensive income attributable to redeemable noncontrolling interests   (30,443)
Comprehensive income attributable to Genesis Energy, L.P.$58,192 $3,507 $106,135 $33,847 

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 InterestsAccumulated Other Comprehensive IncomeTotal
Partners’ capital, June 30, 2023122,579 $531,291 $334,225 $6,357 $871,873 
Repurchase of Class A common units(115)(1,044)— — (1,044)
Net income— 58,070 8,712 — 66,782 
Cash distributions to partners— (18,387)— — (18,387)
Cash distributions to noncontrolling interests— — (10,980)— (10,980)
Cash contributions from noncontrolling interests— — 25,920 — 25,920 
Other comprehensive income— — — 122 122 
Distributions and returns attributable to Class A Convertible Preferred unitholders— (22,308)— — (22,308)
Partners’ capital, September 30, 2023122,464 $547,622 $357,877 $6,479 $911,978 
Number of Common UnitsPartners’ CapitalNoncontrolling InterestsAccumulated 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 InterestsAccumulated Other Comprehensive IncomeTotal
Partners’ capital, December 31, 2022122,579 $567,277 $310,162 $6,114 $883,553 
Repurchase of Class A common units(115)(1,044)— — (1,044)
Net income— 105,770 20,078 — 125,848 
Cash distributions to partners— (55,161)— — (55,161)
Cash distributions to noncontrolling interests— — (33,203)— (33,203)
Cash contributions from noncontrolling interests— — 60,840 — 60,840 
Other comprehensive income— — — 365 365 
Distributions and returns attributable to Class A Convertible Preferred unitholders— (69,220)— — (69,220)
Partners’ capital, September 30, 2023122,464 $547,622 $357,877 $6,479 $911,978 
Number of Common UnitsPartners’ CapitalNoncontrolling InterestsAccumulated 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 
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,
 20232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$125,848 $82,537 
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation, depletion and amortization209,966 217,125 
Gain on sale of asset (40,000)
Amortization and write-off of debt issuance costs, premium and discount8,206 7,110 
Equity in earnings of investments in equity investees(49,606)(40,252)
Cash distributions of earnings of equity investees48,625 41,496 
               Non-cash effect of long-term incentive compensation plans15,236 10,835 
Deferred and other tax liabilities925 1,010 
Unrealized losses on derivative transactions17,721 15,726 
Cancellation of debt income (8,619)
Other, net15,839 14,203 
Net changes in components of operating assets and liabilities (Note 15)
3,604 (48,576)
Net cash provided by operating activities396,364 252,595 
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets(395,768)(303,789)
Cash distributions received from equity investees - return of investment19,600 14,737 
Investments in equity investees(4,463)(5,441)
Proceeds from asset sales307 40,281 
Other, net4,332  
Net cash used in investing activities(375,992)(254,212)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility829,776 697,000 
Repayments on senior secured credit facility(836,776)(625,800)
Net proceeds from issuance of Alkali senior secured notes (Note 10)
 408,000 
Redemption of redeemable noncontrolling interests (Note 11)
 (288,629)
Proceeds from issuance of 2030 Notes (Note 10)
500,000  
Repayment of senior unsecured notes (Note 10)
(341,135)(72,241)
Debt issuance costs(14,675)(6,019)
Contributions from noncontrolling interests60,840 19,239 
Distributions to noncontrolling interests(33,203)(24,656)
Distributions to common unitholders(55,161)(55,161)
Distributions to Class A Convertible Preferred unitholders(71,333)(56,052)
Redemption of Class A Convertible Preferred Units (Note 11)
(50,000) 
Repurchase of Class A common units (Note 11)
(1,044) 
Other, net5,677 5,429 
Net cash provided by (used in) financing activities(7,034)1,110 
Net increase (decrease) in cash, cash equivalents and restricted cash13,338 (507)
Cash, cash equivalents and restricted cash at beginning of period26,567 24,992 
Cash, cash equivalents and restricted cash at end of period$39,905 $24,485 
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 of Mexico, Wyoming and in the Gulf Coast region of the United States. We provide an integrated suite of services to refiners, crude oil and natural gas producers and industrial and commercial enterprises. We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, our trona and trona-based exploring, mining, processing, producing, marketing, logistics and selling business based in Wyoming (our “Alkali Business”), refinery-related plants, storage tanks and terminals, railcars, 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 the transportation and processing of crude oil and natural gas in the Gulf of Mexico;
Soda and sulfur services involving trona and trona-based exploring, mining, processing, soda ash production, marketing, logistics 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 includes terminaling, blending, storing, marketing, and transporting crude oil and petroleum 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.
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 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, 2022 (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
We are currently evaluating new accounting pronouncements that have been issued, but are not yet effective. At this time, they are not expected to have a material impact on our financial positions or results of operations.

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, 2023 and 2022, respectively:
Three Months Ended
September 30, 2023
Offshore Pipeline TransportationSoda and Sulfur ServicesMarine TransportationOnshore Facilities and TransportationConsolidated
Fee-based revenues$106,297 $ $80,220 $16,769 $203,286 
Product Sales 399,329  180,757 580,086 
Refinery Services 24,246   24,246 
$106,297 $423,575 $80,220 $197,526 $807,618 
Three Months Ended
September 30, 2022
Offshore Pipeline TransportationSoda and Sulfur ServicesMarine TransportationOnshore Facilities & 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 
The following tables reflect the disaggregation of our revenues by major category for the nine months ended September 30, 2023 and 2022, respectively:
Nine Months Ended
September 30, 2023
Offshore Pipeline TransportationSoda and Sulfur ServicesMarine TransportationOnshore Facilities and TransportationConsolidated
Fee-based revenues$289,151 $ $240,789 $44,850 $574,790 
Product Sales 1,262,454  497,024 1,759,478 
Refinery Services 68,624   68,624 
$289,151 $1,331,078 $240,789 $541,874 $2,402,892 
Nine Months Ended
September 30, 2022
Offshore Pipeline TransportationSoda and 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 
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, 2022 and September 30, 2023:
Contract AssetsContract Liabilities
Other Assets, net of amortizationAccrued LiabilitiesOther Long-Term Liabilities
Balance at December 31, 2022
$ $2,087 $64,478 
Balance at September 30, 2023
181 5,127 95,213 
Transaction Price Allocations to Remaining Performance Obligations
We are required to disclose the aggregate amount of our transaction prices that are allocated to unsatisfied performance obligations as of September 30, 2023. However, we are permitted to utilize the following exemptions:
1)Performance obligations that are part of a contract with an expected duration of one year or less;

2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and

3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series.
The majority of our contracts qualify for one of these exemptions. For the remaining contract types that involve revenue recognition over a long-term period and include 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 2023$25,591 $1,800 
2024102,998 1,800 
2025116,730  
202686,706  
202750,006  
Thereafter174,416  
Total$556,447 $3,600 
4. Business Consolidation
American Natural Soda Ash Corporation (“ANSAC”)
ANSAC is an organization whose purpose is to promote and market the use and sale of domestically produced natural soda ash in specified countries outside of the United States. Prior to 2023, our Alkali Business and another domestic soda ash producer were the two members of ANSAC. On January 1, 2023, we became the sole member of ANSAC and assumed 100% of the voting rights of the entity, and it became a wholly owned subsidiary of Genesis.
10

We will continue to supply levels of our soda ash produced in the Green River Basin to ANSAC to utilize their logistical and marketing capabilities as an export vehicle for our Alkali Business. We determined that ANSAC meets the definition of a business and will account for our acquisition of ANSAC as a business combination. We have reflected the financial results of ANSAC within our soda and sulfur services segment from the date of acquisition, January 1, 2023. The purchase price has been allocated to the assets acquired and the liabilities assumed based on our estimated preliminary fair values. We expect to finalize the purchase price allocation by the end of 2023. There was no consideration transferred as a result of becoming the sole member of ANSAC.
The preliminary allocation of the purchase price, as presented within our Unaudited Condensed Consolidated Balance Sheet as of September 30, 2023 is summarized as follows:
Cash and cash equivalents$4,332 
Accounts receivable - trade, net231,797 
Inventories19,522 
Other current assets14,203 
Fixed assets, at cost4,000 
Right of use assets, net93,208 
Intangible assets, net of amortization14,992 
Other Assets, net of amortization400 
Accounts payable - trade(1)
(228,106)
Accrued liabilities(75,224)
Other long-term liabilities(79,124)
     Net Assets$ 
(1)The “Accounts payable - trade” balance above includes $133.4 million of payables to Genesis at December 31, 2022 that eliminated upon consolidation in our Unaudited Condensed Consolidated Balance Sheet.
Inventories principally relate to finished goods (soda ash) that have been supplied by current or former members of ANSAC. “Fixed assets, at cost” relate to leasehold improvements, and “Intangible assets, net of amortization” relate to our assets supporting our logistical and marketing footprint, and both have an estimated useful life of ten years, which is consistent with the term of our primary lease facilitating our logistics operations. Right of use assets, net and our corresponding lease liabilities, which are recorded within “Accrued liabilities” and “Other long-term liabilities,” respectively, are associated with our right to use certain assets to store and load finished goods, the vessels we utilize to ship finished goods to distributors and end users, as well as office space.
Our Unaudited Condensed Consolidated Statement of Operations include the results of ANSAC since January 1, 2023. The following table presents selected financial information included in our Unaudited Consolidated Statement of Operations for the period presented:
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
Revenues$92,399 $321,853 
Net Income Attributable to Genesis Energy, L.P.5,373 10,644 
11

The following unaudited pro forma financial information was prepared from our historical financial statements that have been adjusted to give the effect of the consolidation of ANSAC as though we had become the sole member on January 1, 2022. It is based upon assumptions deemed appropriate by us and may not be indicative of actual results. This pro forma information was prepared using financial data of ANSAC and reflects certain estimates and assumptions made by our management. Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been had we become the sole member on January 1, 2022. Pro forma net income (loss) attributable to common unitholders includes the effects of distributions attributable to our Class A Preferred Units. The dilutive effect of our preferred units is calculated using the if-converted method.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Pro forma consolidated financial operating results:
Revenues $807,618 $813,647 $2,402,892 $2,396,773 
Net Income Attributable to Genesis Energy, L.P.58,070 8,758 105,770 44,126 
Net Income (Loss) Attributable to Common Unitholders35,762 (9,926)36,550 (11,926)
Basic and diluted earnings (loss) per common unit:
As reported net income (loss) per common unit$0.29 $(0.12)$0.30 $(0.18)
Pro forma net income (loss) per common unit$0.29 $(0.08)$0.30 $(0.10)

5. Lease Accounting
Lessee Arrangements
We lease a variety of transportation equipment (primarily railcars), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (not greater than 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 assets and associated lease liabilities. Leases with a term of 12 months or fewer are not recorded on our Unaudited Condensed Consolidated Balance Sheets, and we recognize lease expense for these leases 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 as well as our unamortized prepaid rents, our deferred rents, and our previously classified intangible asset associated with a favorable lease. Current and non-current lease liabilities are recorded within “Accrued liabilities” and “Other long-term liabilities,” respectively, on our Unaudited Condensed Consolidated Balance Sheets.
Lessor Arrangements
We have certain contracts discussed below 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
During the three and nine months ended September 30, 2023 and 2022, we acted as a lessor in a revenue contract associated with the M/T American Phoenix, included in our marine transportation segment. Our lease revenues for this arrangement were $6.0 million and $17.7 million for the three and nine months ended September 30, 2023, respectively, and $1.8 million and $10.5 million for the three and nine months ended September 30, 2022, respectively.
The M/T American Phoenix is under contract through mid-2027, and for the remainder of 2023, 2024, 2025, 2026, and through the expiration of the contract in 2027, we expect to receive undiscounted cash flows from lease payments of $6.0 million, $25.9 million, $29.6 million, $30.7 million, and $15.2 million, respectively.


12

6. Inventories
The major components of inventories were as follows:
September 30, 2023December 31, 2022
Petroleum products$ $56 
Crude oil31,495 6,673 
Caustic soda9,184 15,258 
NaHS12,676 7,085 
Raw materials - Alkali Business7,601 5,819 
Work-in-process - Alkali Business7,691 9,599 
Finished goods, net - Alkali Business41,205 18,772 
Materials and supplies, net - Alkali Business17,094 14,881 
Total$126,946 $78,143 
Inventories are valued at the lower of cost or net realizable value. As of September 30, 2023 and December 31, 2022, the net realizable value of inventories were below cost by $0.1 million and $2.9 million, respectively, which triggered a reduction of the value of inventory in our Unaudited Condensed Consolidated Financial Statements by these amounts.
Materials and supplies include chemicals, maintenance supplies and spare parts which will be consumed in the mining of trona ore and production of soda ash processes.
13

7. Fixed Assets, Mineral Leaseholds and Asset Retirement Obligations
Fixed Assets
Fixed assets consisted of the following: 
September 30, 2023December 31, 2022
Crude oil and natural gas pipelines and related assets$2,848,810 $2,844,288 
Alkali facilities, machinery and equipment787,040 701,313 
Onshore facilities, machinery and equipment270,676 269,949 
Transportation equipment25,652 22,340 
Marine vessels1,020,568 1,017,087 
Land, buildings and improvements238,697 231,651 
Office equipment, furniture and fixtures24,749 24,271 
Construction in progress(1)
991,151 712,971 
Other41,168 41,168 
Fixed assets, at cost6,248,511 5,865,038 
Less: Accumulated depreciation(1,925,879)(1,768,465)
Net fixed assets$4,322,632 $4,096,573 
(1)Construction in progress primarily relates to our Granger Optimization Project, which is expected to be completed in the fourth quarter of 2023, and our offshore growth capital projects, which are expected to be completed in 2024 and 2025.
Mineral Leaseholds
Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:
September 30, 2023December 31, 2022
Mineral leaseholds$566,019 $566,019 
Less: Accumulated depletion(24,153)(20,897)
Mineral leaseholds, net of accumulated depletion$541,866 $545,122 

Our depreciation and depletion expense for the periods presented were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Depreciation expense$64,104 $70,328 $197,590 $206,111 
Depletion expense1,107 896 3,256 2,830 
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, 2022:
ARO liability balance, December 31, 2022
$228,573 
Accretion expense9,316 
Changes in estimate 3,915 
Settlements(68)
ARO liability balance, September 30, 2023
$241,736 
14

At September 30, 2023 and December 31, 2022, $26.1 million and $26.6 million are included as current in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets, respectively. The remainder of the ARO liability as of September 30, 2023 and December 31, 2022 is included in “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheets.
Certain of our unconsolidated affiliates have AROs recorded at September 30, 2023 and December 31, 2022 relating to contractual agreements and regulatory requirements. In addition, certain entities that we consolidate have non-controlling interest owners that are responsible for their representative share of future costs of the related ARO liability. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements.
8. Equity Investees
We account for our ownership in certain of 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 September 30, 2023 and December 31, 2022, the unamortized excess cost amounts totaled $294.9 million and $305.6 million, respectively. We amortize the differences in carrying value as changes in equity earnings.
The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees:
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Genesis’ share of operating earnings$20,908 $16,802 $60,304 $50,950 
Amortization of differences attributable to Genesis’ carrying value of equity investments(3,566)(3,566)(10,698)(10,698)
Net equity in earnings$17,242 $13,236 $49,606 $40,252 
Distributions received(1)
$23,629 $18,483 $68,141 $56,233 
(1) Includes distributions attributable to the period and received during or within 15 days following the period.
The following tables present the unaudited balance sheets and statements of operations information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. (“Poseidon,” and its pipeline and associated assets, the “Poseidon pipeline”) (which we own 64% of and is our most significant equity investment):
September 30, 2023December 31, 2022
BALANCE SHEETS DATA:
Assets
Current assets$21,428 $27,878 
Fixed assets, net143,258 147,505 
Other assets16,629 13,419 
Total assets$181,315 $188,802 
Liabilities and equity
Current liabilities$8,854 $10,087 
Other liabilities240,553 236,813 
Equity (Deficit)(68,092)(58,098)
Total liabilities and equity$181,315 $188,802 

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
STATEMENTS OF OPERATIONS DATA:
Revenues$43,316 $38,322 $123,462 $104,891 
Operating income$33,213 $27,731 $94,216 $75,540 
Net income$29,117 $25,502 $83,106 $70,850 
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Poseidon’s Revolving Credit Facility
Borrowings under Poseidon’s revolving credit facility, which was amended and restated on June 1, 2023 (the “June 2023 credit facility”), are primarily used to fund spending on capital projects. The June 2023 credit facility, which matures on June 1, 2027, is non-recourse to Poseidon’s owners and secured by its assets. The June 2023 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.
9. Intangible Assets
The following table summarizes the components of our intangible assets at the dates indicated:
 
 September 30, 2023December 31, 2022
 Gross
Carrying
Amount
Accumulated
Amortization
Carrying
Value
Gross
Carrying
Amount
Accumulated
Amortization
Carrying
Value
Offshore pipeline contract intangibles158,101 67,956 90,145 158,101 61,715 96,386 
Other68,280 16,722 51,558 45,191 14,257 30,934 
Total$226,381 $84,678 $141,703 $203,292 $75,972 $127,320 

Our amortization of intangible assets for the periods presented was as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Amortization of intangible assets$3,069 $2,575 $8,747 $7,740 
We estimate that our amortization expense for the next five years will be as follows:
Remainder of2023$3,688 
202414,556 
202514,295 
202613,983 
202713,537 
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10. Debt
Our obligations under debt arrangements consisted of the following:
 September 30, 2023December 31, 2022
 PrincipalUnamortized Premium, Discount and Debt Issuance CostsNet ValuePrincipalUnamortized Premium, Discount and Debt Issuance CostsNet Value
Senior secured credit facility(1)
$198,400 $ $198,400 $205,400 $ $205,400 
5.625% senior unsecured notes due 2024
   341,135 1,249 339,886 
6.500% senior unsecured notes due 2025
534,834 2,374 532,460 534,834 3,265 531,569 
6.250% senior unsecured notes due 2026
339,310 1,929 337,381 339,310 2,481 336,829 
8.000% senior unsecured notes due 2027
981,245 3,891 977,354 981,245 4,956 976,289 
7.750% senior unsecured notes due 2028
679,360 6,496