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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, 2024
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 May 1, 2024.


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)
March 31, 2024December 31, 2023
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$7,047 $9,234 
Restricted cash27,804 18,804 
Accounts receivable - trade, net668,744 759,547 
Inventories126,645 135,231 
Other49,612 41,234 
Total current assets879,852 964,050 
FIXED ASSETS, at cost6,581,652 6,500,897 
Less: Accumulated depreciation(2,034,076)(1,972,596)
Net fixed assets4,547,576 4,528,301 
MINERAL LEASEHOLDS, net of accumulated depletion539,374 540,520 
EQUITY INVESTEES257,021 263,829 
INTANGIBLE ASSETS, net of amortization141,617 141,537 
GOODWILL301,959 301,959 
RIGHT OF USE ASSETS, net238,513 240,341 
OTHER ASSETS, net of amortization39,346 38,241 
TOTAL ASSETS$6,945,258 $7,018,778 
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Accounts payable - trade$473,263 $588,924 
Accrued liabilities361,818 378,523 
Total current liabilities835,081 967,447 
SENIOR SECURED CREDIT FACILITY383,200 298,300 
SENIOR UNSECURED NOTES, net of debt issuance costs, discount and premium3,064,971 3,062,955 
ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount388,451 391,592 
DEFERRED TAX LIABILITIES18,019 17,510 
OTHER LONG-TERM LIABILITIES567,094 570,197 
Total liabilities5,256,816 5,308,001 
MEZZANINE CAPITAL:
Class A Convertible Preferred Units, 23,111,918 issued and outstanding at March 31, 2024 and December 31, 2023, respectively
813,589 813,589 
PARTNERS’ CAPITAL:
Common unitholders, 122,464,318 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively
490,787 519,698 
Accumulated other comprehensive income8,120 8,040 
Noncontrolling interests375,946 369,450 
Total partners’ capital874,853 897,188 
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL$6,945,258 $7,018,778 
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
March 31,
 20242023
REVENUES:
Offshore pipeline transportation$101,990 $91,395 
Soda and sulfur services400,948 444,648 
Marine transportation83,574 83,226 
Onshore facilities and transportation183,593 171,343 
Total revenues770,105 790,612 
COSTS AND EXPENSES:
Offshore pipeline transportation operating costs27,818 23,125 
Soda and sulfur services operating costs351,366 406,222 
Marine transportation operating costs52,408 57,736 
Onshore facilities and transportation product costs160,388 149,056 
Onshore facilities and transportation operating costs17,287 17,380 
General and administrative15,009 14,552 
Depreciation, depletion and amortization73,771 73,160 
Total costs and expenses698,047 741,231 
OPERATING INCOME72,058 49,381 
Equity in earnings of equity investees16,441 17,553 
Interest expense, net(68,734)(60,854)
Other expense (1,808)
Income from operations before income taxes19,765 4,272 
Income tax expense(809)(884)
NET INCOME 18,956 3,388 
Net income attributable to noncontrolling interests(7,603)(5,032)
NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P.$11,353 $(1,644)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units(21,894)(24,002)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS$(10,541)$(25,646)
NET LOSS PER COMMON UNIT (Note 12):
Basic and Diluted$(0.09)$(0.21)
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
Basic and Diluted122,464 122,579 
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,
20242023
Net income$18,956 $3,388 
Other comprehensive income:
Decrease in benefit plan liability80 122 
Total Comprehensive income 19,036 3,510 
Comprehensive income attributable to noncontrolling interests(7,603)(5,032)
Comprehensive income attributable to Genesis Energy, L.P.$11,433 $(1,522)

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, December 31, 2023122,464 $519,698 $369,450 $8,040 $897,188 
Net income— 11,353 7,603 — 18,956 
Cash distributions to partners— (18,370)— — (18,370)
Cash distributions to noncontrolling interests— — (10,107)— (10,107)
Cash contributions from noncontrolling interests— — 9,000 — 9,000 
Other comprehensive income— — — 80 80 
Distributions to Class A Convertible Preferred unitholders— (21,894)— — (21,894)
Partners’ capital, March 31, 2024122,464 $490,787 $375,946 $8,120 $874,853 
Number of Common UnitsPartners’ CapitalNoncontrolling InterestsAccumulated Other Comprehensive IncomeTotal
Partners’ capital, December 31, 2022122,579 $567,277 $310,162 $6,114 $883,553 
Net income (loss)— (1,644)5,032 — 3,388 
Cash distributions to partners— (18,387)— — (18,387)
Cash distributions to noncontrolling interests— — (15,005)— (15,005)
Cash contributions from noncontrolling interests— — 19,080 — 19,080 
Other comprehensive income— — — 122 122 
Distributions to Class A Convertible Preferred unitholders— (24,002)— — (24,002)
Partners’ capital, March 31, 2023122,579 $523,244 $319,269 $6,236 $848,749 
`
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,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$18,956 $3,388 
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation, depletion and amortization73,771 73,160 
Amortization and write-off of debt issuance costs, premium and discount2,884 3,534 
Equity in earnings of investments in equity investees(16,441)(17,553)
Cash distributions of earnings of equity investees15,569 17,328 
               Non-cash effect of long-term incentive compensation plans4,315 4,630 
Deferred and other tax liabilities509 420 
Unrealized losses (gains) on derivative transactions(5,081)27,127 
Other, net2,966 3,271 
Net changes in components of operating assets and liabilities (Note 15)
28,473 (17,648)
Net cash provided by operating activities125,921 97,657 
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets(174,173)(131,625)
Cash distributions received from equity investees - return of investment7,546 6,601 
Investments in equity investees(285)(1,190)
Proceeds from asset sales204 22 
Other, net 4,332 
Net cash used in investing activities(166,708)(121,860)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility364,300 269,376 
Repayments on senior secured credit facility(279,400)(350,376)
Proceeds from issuance of 2030 Notes (Note 10)
 500,000 
Repayment of senior unsecured notes (Note 10)
 (341,135)
Repayment of Alkali senior secured notes (Note 10)
(2,976) 
Debt issuance costs(1,082)(12,944)
Contributions from noncontrolling interests9,000 19,080 
Distributions to noncontrolling interests(10,107)(15,005)
Distributions to common unitholders(18,370)(18,387)
Distributions to Class A Convertible Preferred unitholders(21,894)(24,002)
Other, net8,129 7,835 
Net cash provided by financing activities47,600 34,442 
Net increase in cash, cash equivalents and restricted cash6,813 10,239 
Cash, cash equivalents and restricted cash at beginning of period28,038 26,567 
Cash, cash equivalents and restricted cash at end of period$34,851 $36,806 
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”);
Marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America; and
Onshore facilities and transportation, which includes terminaling, blending, storing, marketing, and transporting crude oil and petroleum products.
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, 2023 (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
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which enhances the disclosures required for operating segments in our annual and interim Consolidated Financial Statements. ASU 2023-07 is effective retrospectively for fiscal years beginning after December
8

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures.
All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or 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, 2024 and 2023, respectively:
Three Months Ended
March 31, 2024
Offshore Pipeline TransportationSoda and Sulfur ServicesMarine TransportationOnshore Facilities and TransportationConsolidated
Fee-based revenues$101,990 $ $83,574 $15,293 $200,857 
Product Sales 378,061  168,300 546,361 
Refinery Services 22,887   22,887 
$101,990 $400,948 $83,574 $183,593 $770,105 
Three Months Ended
March 31, 2023
Offshore Pipeline TransportationSoda and Sulfur ServicesMarine TransportationOnshore Facilities & TransportationConsolidated
Fee-based revenues$91,395 $ $83,226 $14,184 $188,805 
Product Sales 422,824  157,159 579,983 
Refinery Services 21,824   21,824 
$91,395 $444,648 $83,226 $171,343 $790,612 
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.
Contract Assets and Liabilities
The table below depicts our contract asset and liability balances at December 31, 2023 and March 31, 2024:
Contract AssetsContract Liabilities
Other Assets, net of amortizationAccrued LiabilitiesOther Long-Term Liabilities
Balance at December 31, 2023
$859 $11,460 $112,734 
Balance at March 31, 2024
1,288 20,920 110,719 


9

GENESIS ENERGY, L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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 March 31, 2024. 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 2024$92,864 $19,325 
2025136,326 25,853 
2026110,428 26,170 
202766,828 14,026 
202845,453 10,000 
Thereafter124,184 2,500 
Total$576,083 $97,874 
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

The allocation of the purchase price, as presented within our Condensed Consolidated Balance Sheet as of December 31, 2023, is summarized as follows:
Cash and cash equivalents$4,332 
Accounts receivable - trade, net231,797 
Inventories19,522 
Other current assets14,203 
Fixed assets, at cost4,000 
Right of use assets, net93,208 
Intangible assets, net of amortization14,992 
Other Assets, net of amortization400 
Accounts payable - trade(1)
(228,106)
Accrued liabilities(75,224)
Deferred tax liabilities(1,482)
Other long-term liabilities(77,642)
     Net Assets$ 
(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 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 the 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,” 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.
We have reflected the financial results of ANSAC within our soda and sulfur services segment from the date of acquisition, January 1, 2023. The following financial information was prepared from our historical financial statements that have been adjusted to give the effect of the consolidation of ANSAC, and was was prepared using financial data of ANSAC. Net loss attributable to common unitholders includes the effects of distributions attributable to our Class A Convertible Preferred Units. The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method.
Three Months Ended
March 31, 2023
Consolidated financial operating results:
Revenues $790,612 
Net Loss Attributable to Genesis Energy, L.P.(1,644)
Net Loss Attributable to Common Unitholders(25,646)
Basic and diluted loss per common unit:
As reported net loss per common unit$(0.21)
Pro forma net loss per common unit$(0.21)

5. Lease Accounting
Lessee Arrangements
We lease a variety of transportation equipment (primarily railcars and vessels), 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). Certain of our leases contain options to extend the life of the lease at our sole discretion and 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.
11

Our “Right of Use Assets, net” balance includes our unamortized initial direct costs associated with certain of our transportation equipment, office space and equipment, and facilities and equipment leases. Additionally, it includes our unamortized prepaid rents and our deferred rents. 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 months ended March 31, 2024 and 2023, we acted as a lessor in a revenue contract associated with our 330,000 barrel-capacity ocean gong tanker, the M/T American Phoenix, included in our marine transportation segment. Our lease revenues for this arrangement were $6.8 million and $5.8 million for the three months ended March 31, 2024 and 2023, respectively.
The M/T American Phoenix is under contract through mid-2027. For the remainder of 2024, 2025, 2026, and through the expiration of the contract in 2027, we expect to receive undiscounted cash flows from lease payments of $21.5 million, $29.6 million, $30.7 million and $15.2 million, respectively. Our agreements generally contain clauses that may limit the use of the asset or require certain actions be taken by the lessee to maintain the asset for future performance.
6. Inventories
The major components of inventories were as follows:
March 31, 2024December 31, 2023
Crude oil30,078 22,320 
Caustic soda8,202 9,150 
NaHS15,850 17,605 
Raw materials - Alkali Business8,075 8,355 
Work-in-process - Alkali Business5,717 11,404 
Finished goods, net - Alkali Business40,054 48,706 
Materials and supplies, net - Alkali Business18,669 17,691 
Total$126,645 $135,231 
Inventories are valued at the lower of cost or net realizable value. As of March 31, 2024 , the net realizable value of our inventories was greater than the respective cost. At December 31, 2023, the net realizable value of our inventories was less than the respective cost by $0.2 million, which triggered a reduction of the value of inventory in our Consolidated Financial Statements by this amount.
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.
12

7. Fixed Assets, Mineral Leaseholds and Asset Retirement Obligations
Fixed Assets
Fixed assets consisted of the following: 
March 31, 2024December 31, 2023
Crude oil and natural gas pipelines and related assets$2,950,573 $2,945,215 
Alkali facilities, machinery and equipment1,150,287 1,147,291 
Onshore facilities, machinery and equipment288,704 271,271 
Transportation equipment26,673 24,913 
Marine vessels1,023,993 1,021,080 
Land, buildings and improvements294,852 293,733 
Office equipment, furniture and fixtures25,227 25,029 
Construction in progress(1)
792,032 731,197 
Other29,311 41,168 
Fixed assets, at cost6,581,652 6,500,897 
Less: Accumulated depreciation(2,034,076)(1,972,596)
Net fixed assets$4,547,576 $4,528,301 
(1)Construction in progress primarily relates to our ongoing offshore growth capital projects, which are expected to be completed in 2024 and 2025, and represents 100% of the costs incurred, including those funded by our noncontrolling interest holder.
Mineral Leaseholds
Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:
March 31, 2024December 31, 2023
Mineral leaseholds$566,019 $566,019 
Less: Accumulated depletion(26,645)(25,499)
Mineral leaseholds, net of accumulated depletion$539,374 $540,520 

Our depreciation and depletion expense for the periods presented were as follows:
Three Months Ended
March 31,
20242023
Depreciation expense$69,685 $69,573 
Depletion expense1,146 881 
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, 2023:
ARO liability balance, December 31, 2023
$243,708 
Accretion expense2,777 
Settlements(60)
ARO liability balance, March 31, 2024
$246,425 
At March 31, 2024 and December 31, 2023, $26.1 million is included as current in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets. The remainder of the ARO liability as of March 31, 2024 and December 31, 2023 is included in “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheets.
13

Certain of our unconsolidated affiliates have AROs recorded at March 31, 2024 and December 31, 2023 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 March 31, 2024 and December 31, 2023, the unamortized excess cost amounts totaled $287.8 million and $291.4 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
March 31,
 20242023
Genesis’ share of operating earnings$20,007 $21,119 
Amortization of differences attributable to Genesis’ carrying value of equity investments(3,566)(3,566)
Equity in earnings of equity investees$16,441 $17,553 
Distributions received(1)
$23,249 $23,834 
(1) Distributions attributable to the respective period and received within 15 days subsequent to the respective period end.
Poseidon’s Revolving Credit Facility
Poseidon Oil Pipeline Company, LLC (“Poseidon”) has a revolving credit facility, which was amended and restated on June 1, 2023 (the “June 2023 credit facility”). Borrowings under Poseidon’s revolving 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:
 
 March 31, 2024December 31, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
Carrying
Value
Gross
Carrying
Amount
Accumulated
Amortization
Carrying
Value
Offshore pipeline contract intangibles158,101 72,116 85,985 158,101 70,036 88,065 
Other73,888 18,256 55,632 70,974 17,502 53,472 
Total$231,989 $90,372 $141,617 $229,075 $87,538 $141,537 

Our amortization of intangible assets for the periods presented was as follows:
Three Months Ended
March 31,
20242023
Amortization of intangible assets$2,834 $2,705 
14

We estimate that our amortization expense for the next five years will be as follows:
Remainder of2024$11,315 
202514,856 
202614,544 
202714,097 
202813,848 
10. Debt
Our obligations under debt arrangements consisted of the following:
 March 31, 2024December 31, 2023
 PrincipalUnamortized Premium, Discount and Debt Issuance CostsNet ValuePrincipalUnamortized Premium, Discount and Debt Issuance CostsNet Value
Senior secured credit facility(1)
$383,200 $ $383,200 $298,300 $ $298,300 
6.250% senior unsecured notes due 2026
339,310 1,562 337,748 339,310 1,746 337,564 
8.000% senior unsecured notes due 2027
981,245 3,215 978,030 981,245 3,549 977,696 
7.750% senior unsecured notes due 2028
679,360 5,747 673,613 679,360 6,121 673,239 
8.250% senior unsecured notes due 2029
600,000 16,410 583,590 600,000 17,202 582,798 
8.875% senior unsecured notes due 2030
500,000 8,010 491,990 500,000 8,342 491,658 
5.875% Alkali senior secured notes due 2042(2)
422,024 21,593 400,431 425,000 21,791 403,209 
Total long-term debt$3,905,139 $56,537 $3,848,602 $3,823,215 $58,751 $3,764,464 
(1)Unamortized debt issuance costs associated with our senior secured credit facility (included in “Other Assets, net of amortization” on the Unaudited Condensed Consolidated Balance Sheets), were $5.0 million and $5.7 million as of March 31, 2024 and December 31, 2023, respectively.
(2)As of March 31, 2024 and December 31, 2023, $12.0 million and $11.6 million, respectively, of the principal balance is considered current and included within “Accrued liabilities” on the Unaudited Condensed Consolidated Balance Sheets.
Senior Secured Credit Facility
On February 17, 2023, we entered into the Sixth Amended and Restated Credit Agreement (our “credit agreement”) to replace our Fifth Amended and Restated Credit Agreement. Our credit agreement provides for a $850 million senior secured revolving credit facility. The credit agreement matures on February 13, 2026, subject to extension at our request for one additional year on up to two occasions and subject to certain conditions.
At March 31, 2024, the key terms for rates under our senior secured credit facility (which are dependent on our leverage ratio as defined in the credit agreement) are as follows:
The interest rate on borrowings may be based on an alternate base rate or Term Secured Overnight Financing Rate (“SOFR”), at our option. Interest on alternate base rate loans is equal to the sum of (a) the highest of (i) the prime rate in effect on such day, (ii) the federal funds effective rate in effect on such day plus 0.5% and (iii) the Adjusted Term SOFR (as defined in our credit agreement) for a one-month tenor in effect on such day plus 1% and (b) the applicable margin. The Adjusted Term SOFR is equal to the sum of (a) the Term SOFR rate (as defined in our credit agreement) for such period plus (b) the Term SOFR Adjustment of 0.1% plus (c) the applicable margin. The applicable margin varies from 2.25% to 3.50% on Term SOFR borrowings and from 1.25% to 2.50% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At March 31, 2024, the applicable margins on our borrowings were 1.75% for alternate base rate borrowings and 2.75% for Term SOFR borrowings based on our leverage ratio.
Letter of credit fee rates range from 2.25% to 3.50% based on our leverage ratio as computed under the credit agreement and can fluctuate quarterly. At March 31, 2024, our letter of credit rate was 2.75%.
15

We pay a commitment fee on the unused portion of the senior secured revolving credit facility. The commitment fee rates on the unused committed amount will range from 0.30% to 0.50% per annum depending on our leverage ratio. At March 31, 2024, our commitment fee rate on the unused committed amount was 0.50%.
We have the ability to increase the aggregate size of the senior secured credit facility by an additional $200 million, subject to lender consent and certain other customary conditions.
At March 31, 2024, we had $383.2 million borrowed under our senior secured credit facility, with $23.9 million of the borrowed amount designated as a loan under the inventory sublimit. Our credit agreement allows up to $100 million of the capacity to be used for letters of credit, of which $4.5 million was outstanding at March 31, 2024. Due to the revolving nature of loans under our senior secured credit facility, additional borrowings, periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our senior secured credit facility at March 31, 2024 was $462.3 million, subject to compliance with covenants. Our credit agreement does not include a “borrowing base” limitation except with respect to our inventory loans.
Alkali Senior Secured Notes Issuance and Related Transactions
On May 17, 2022, Genesis Energy, L.P., through its newly created wholly-owned unrestricted subsidiary, GA ORRI, LLC (“GA ORRI”), issued $425 million principal amount of our 5.875% senior secured notes due 2042 (the “Alkali senior secured notes”) to certain institutional investors (the “Notes Offering”), secured by GA ORRI’s fifty-year limited term 10% overriding royalty interest in substantially all of the Alkali Business’ trona mineral leases (the “ORRI Interests”). The issuance generated net proceeds of $408 million, net of the issuance discount of $17 million. Interest payments are due on the last day of each quarter. The agreement governing the Alkali senior secured notes also requires principal repayments on the last day of each quarter commencing with the quarter ended March 31, 2024, in which we made a principal repayment of $3.0 million. As of March 31, 2024, principal repayments totaling $70.5 million are due within the next five years, with the remaining quarterly principal repayments due thereafter through March 31, 2042. As of March 31, 2024, $12.0 million of the principal balance is considered current and included within “Accrued liabilities” on the Unaudited Condensed Consolidated Balance Sheet. We are required to maintain a certain level of cash in a liquidity reserve account (owned by GA ORRI) to be held as collateral for future interest and principal payments as calculated and described in the agreement governing the Alkali senior secured notes. As of March 31, 2024, our liquidity reserve account had a balance of $18.8 million, which is classified as “Restricted cash” on the Unaudited Condensed Consolidated Balance Sheet.
Senior Unsecured Note Transactions
On January 25, 2023, we issued $500.0 million in aggregate principal amount of 8.875% senior unsecured notes due April 15, 2030 (the “2030 Notes”). Interest payments are due April 15 and October 15 of each year with the initial interest payment due on October 15, 2023. The net proceeds were used to purchase $316.3 million of our existing 2024 Notes, including the related accrued interest and tender premium and fees on those notes that were tendered in the tender offer that ended January 24, 2023. The remaining proceeds at that time were used to repay a portion of the borrowings outstanding under our senior secured credit facility and for general partnership purposes. On January 26, 2023, we issued a notice of redemption for the remaining principal of $24.8 million of our 2024 Notes and discharged the indebtedness with respect to the 2024 Notes on February 14, 2023. We incurred a loss of $1.8 million on the tender and redemption of the 2024 Notes, inclusive of our transactions costs and write-off of the related unamortized debt issuance costs, which is recorded as “Other expense” in our Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2023.
Our $3.1 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries (the “Guarantor Subsidiaries”), except GA ORRI and GA ORRI Holdings, LLC (“GA ORRI Holdings”), and certain other subsidiaries. The non-guarantor subsidiaries are indirectly owned by Genesis Crude Oil, L.P., a Guarantor Subsidiary. The Guarantor Subsidiaries largely own the assets, other than the ORRI Interests, that we use to operate our business. As a general rule, the assets and credit of our unrestricted subsidiaries are not available to satisfy the debts of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries, and the liabilities of our unrestricted subsidiaries do not constitute obligations of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries.
11. Partners’ Capital, Mezzanine Capital and Distributions
At March 31, 2024, our outstanding common units consisted of 122,424,321 Class A Common Units and 39,997 Class B Common Units. The Class A Common Units are traditional common units in us. The Class B Common Units are identical to the Class A Common Units and, accordingly, have voting and distribution rights equivalent to those of the Class A Common Units, and, in addition, the Class B Common Units have the right to elect all of our board of directors and are convertible into
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Class A Common Units under certain circumstances, subject to certain exceptions. At March 31, 2024, we had 23,111,918 Class A Convertible Preferred Units outstanding, which are discussed below in further detail.     
In an effort to return capital to our investors, we announced a common equity repurchase program (the “Repurchase Program”) on August 8, 2023. The Repurchase Program authorizes the repurchase from time to time of up to 10% of our then outstanding Class A Common Units, or 12,253,922 units, via open market purchases or negotiated transactions conducted in accordance with applicable regulatory requirements. These repurchases may be made pursuant to a repurchase plan or plans that comply with Rule 10b5-1 under the Securities Exchange Act of 1934. The Repurchase Program will be reviewed no later than December 31, 2024 and may be suspended or discontinued at any time prior thereto. The Repurchase Program does not create an obligation for us to acquire a particular number of Class A Common Units and any Class A Common Units repurchased will be canceled. During 2023, we repurchased and cancelled a total of 114,900 Class A Common Units at an average price of approximately $9.09 per unit for a total purchase price of $1.0 million, including commissions. We did not repurchase any Class A Common Units during the three months ended March 31, 2024.
Distributions
We paid, or will pay, the following cash distributions to our common unitholders in 2023 and 2024:
Distribution ForDate PaidPer Unit
Amount
Total
Amount
2023
1st Quarter
May 15, 2023$0.15 $18,387 
2nd Quarter
August 14, 2023$0.15 $18,387 
3rd Quarter
November 14, 2023$0.15 $18,370 
4th Quarter
February 14, 2024$0.15 $18,370 
2024
1st Quarter(1)
May 15, 2024$0.15 $18,370 
(1)This distribution was declared in April 2024 and will be paid to unitholders of record as of April 30, 2024.

Class A Convertible Preferred Units
Our Class A Convertible Preferred Units rank senior to all of our currently outstanding classes or series of limited partner interests with respect to distribution and/or liquidation rights. Holders of our Class A Convertible Preferred Units vote on an as-converted basis with holders of our common units and have certain class voting rights, including with respect to any amendment to the partnership agreement that would adversely affect the rights, preferences or privileges, or otherwise modify the terms, of those Class A Convertible Preferred Units.    
Accounting for the Class A Convertible Preferred Units
Our Class A Convertible Preferred Units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event that is outside of our control. Therefore, we present them as temporary equity in the mezzanine section of the Unaudited Condensed Consolidated Balance Sheets. We initially recognized our Class A Convertible Preferred Units at their issuance date fair value, net of issuance costs, as they were not redeemable and we did not have plans or expect any events that constitute a change of control in our partnership agreement.
Net Income (Loss) Attributable to Genesis Energy, L.P. is adjusted for distributions attributable to the Class A Convertible Preferred Units that accumulate in the period. Net Income (Loss) Attributable to Genesis Energy, L.P. was reduced by $21.9 million and $24.0 million for the three months ending March 31, 2024 and 2023, respectively, due to Class A Convertible Preferred Unit distributions paid in the period (Class A Convertible Preferred Unit distributions are summarized in the table below).
As of March 31, 2024, we will not be required to further adjust the carrying amount of our Class A Convertible Preferred Units until it becomes probable that they would become redeemable. Once redemption becomes probable, we would adjust the carrying amount of our Class A Convertible Preferred Units to the redemption value over a period of time comprising the date redemption first becomes probable and the date the units can first be redeemed.
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We paid, or will pay, by the dates noted below, the following cash distributions to our Class A Convertible Preferred unitholders in 2023 and 2024:
Distribution ForDate PaidPer Unit
Amount
Total
Amount
2023
1st Quarter
May 15, 2023$0.9473 $24,002 
2nd Quarter
August 14, 2023$0.9473 $23,314 
3rd Quarter
November 14, 2023$0.9473 $22,612 
4th Quarter
February 14, 2024$0.9473 $21,894 
2024
1st Quarter(1)
May 15, 2024$0.9473 $21,894 
(1)This distribution was declared in April 2024 and will be paid to unitholders of record as of April 30, 2024
Noncontrolling Interests
We own a 64% membership interests in Cameron Highway Oil Pipeline Co. (“CHOPS”) and are the operator of its pipeline and associated assets (the “CHOPS pipeline”). We also own an 80% membership interest in Independence Hub, LLC. For financial reporting purposes, the assets and liabilities of these entities are consolidated with those of our own, with any third party or affiliate interest in our Unaudited Condensed Consolidated Balance Sheets amounts shown as noncontrolling interests in equity.
In the first quarter of 2024 we received a $9.0 million contribution from our noncontrolling interest holder of CHOPS, of which we are required to use for completing the ongoing offshore growth capital project related to CHOPS. As of March 31, 2024, this amount is included within “Restricted cash” on the Unaudited Condensed Consolidated Balance Sheet and is expected to be spent on the associated project in the second quarter of 2024.
12. Net Income (Loss) Per Common Unit
Basic net income (loss) per common unit is computed by dividing net income (loss) attributable to Genesis Energy, L.P., after considering distributions attributable to our Class A preferred unitholders, by the weighted average number of common units outstanding.
The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, the Class A Convertible Preferred Units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income (loss) per common unit calculation for the period being presented. The numerator is adjusted for distributions declared in the period, undeclared distributions that accumulated during the period, and any returns that accumulated in the period. For the three months ended March 31, 2024 and 2023, the effect of the assumed conversion of all the outstanding Class A Convertible Preferred Units was anti-dilutive and was not included in the computation of diluted earnings per unit.
The following table reconciles net income (loss) attributable to Genesis Energy, L.P. and weighted average units used in computing basic and diluted net loss per common unit (in thousands):
Three Months Ended
March 31,
20242023
Net income (loss) attributable to Genesis Energy, L.P.$11,353 $(1,644)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units(21,894)(24,002)
Net loss attributable to common unitholders$(10,541)$(25,646)
Weighted average outstanding units122,464 122,579 
Basic and diluted net loss per common unit$(0.09)$(0.21)
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13. Business Segment Information
We currently manage our businesses through 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”);
Marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America; and
Onshore facilities and transportation, which includes terminaling, blending, storing, marketing, and transporting crude oil and petroleum products.
Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States.
We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash gains and charges, such as depreciation, depletion, amortization and accretion) and segment general and administrative expenses, net of the effects of our noncontrolling interests, plus our equity in distributable cash generated by our equity investees and unrestricted subsidiaries. In addition, our Segment Margin definition excludes the non-cash effects of our long-term incentive compensation plan.
Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment. 
Segment information for the periods presented below was as follows:
Offshore Pipeline TransportationSoda and Sulfur ServicesMarine TransportationOnshore Facilities and TransportationTotal
Three Months Ended March 31, 2024
Segment Margin(1)
$97,806 $45,382 $31,363 $6,547 $181,098 
Capital expenditures(2)
$63,626 $18,600 $12,310 $6,521 $101,057 
Revenues:
External customers$101,990 $402,954 $83,574 $181,587 $770,105 
Intersegment(3)
 (2,006) 2,006  
Total revenues of reportable segments$101,990 $400,948 $83,574 $183,593 $770,105 
Three Months Ended March 31, 2023
Segment Margin(1)
$97,938 $66,107 $25,694 $5,390 $195,129 
Capital expenditures(2)
$52,053 $19,985 $9,057 $1,930 $83,025 
Revenues:
External customers$91,395 $446,906 $83,226 $169,085 $790,612 
Intersegment(3)
 (2,258) 2,258  
Total revenues of reportable segments$91,395 $444,648 $83,226 $171,343 $790,612 
(1)A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin for the periods is presented below.
(2)Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as contributions to equity investees, if any.
(3)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.
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Total assets by reportable segment were as follows:
March 31, 2024December 31, 2023
Offshore pipeline transportation$2,626,821 $2,580,032 
Soda and sulfur services2,637,632 2,705,350 
Marine transportation640,032 645,020 
Onshore facilities and transportation963,604 1,019,113 
Other assets77,169 69,263 
Total consolidated assets$6,945,258 $7,018,778 
Reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin:
 Three Months Ended
March 31,
 20242023
Net income (loss) attributable to Genesis Energy, L.P.$11,353 $(1,644)
Corporate general and administrative expenses16,049 15,764 
Depreciation, depletion, amortization and accretion76,543 75,935 
Interest expense, net68,734 60,854 
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)
6,808 6,281 
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value(5,081)27,132 
Other non-cash items(2,189)(2,461)
Loss on extinguishment of debt(2)
 1,809 
Differences in timing of cash receipts for certain contractual arrangements(3)
8,072 10,575 
Income tax expense809 884 
Total Segment Margin$181,098 $195,129 
(1)Includes distributions attributable to the quarter and received during or promptly following such quarter.
(2)The 2023 Quarter includes the transaction costs associated with the tender and redemption of our 2024 Notes, as well as the write-off of the unamortized issuance costs associated with these notes.
(3)Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.
14. Transactions with Related Parties
The transactions with related parties were as follows:
 Three Months Ended
March 31,
 20242023
Revenues:
Revenues from services and fees to Poseidon(1)
$4,983 $3,592 
Costs and expenses:
Amounts paid to our CEO in connection with the use of his aircraft$165 $165 
Charges for products purchased from Poseidon(1)
286 282 
(1)We own a 64% interest in Poseidon.
Our CEO, Mr. Grant E. Sims, owns an aircraft which is used by us for business purposes in the course of operations. We pay Mr. Sims a fixed monthly fee and reimburse the aircraft management company for costs related to our usage of the aircraft, including fuel and the actual out-of-pocket costs. Based on current market rates for chartering of private aircraft under long-term, priority arrangements with industry recognized chartering companies, we believe that the terms of this arrangement reflect what we would expect to obtain in an arms-length transaction.
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Transactions with Unconsolidated Affiliates
Poseidon
We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the three months ended March 31, 2024 and 2023 include $2.6 million and $2.5 million, respectively, of fees we earned through the provision of services under that agreement. At March 31, 2024 and December 31, 2023, Poseidon owed us $1.9 million for services rendered.
15. Supplemental Cash Flow Information
The following table provides information regarding the net changes in components of operating assets and liabilities.
 Three Months Ended
March 31,
 20242023
(Increase) decrease in:
Accounts receivable$92,696 $180,813 
Inventories20,443 (23,663)
Deferred charges6,503 11,461 
Other current assets(4,929)(11,365)
Increase (decrease) in:
Accounts payable(74,093)(126,440)
Accrued liabilities(12,147)(48,454)
Net changes in components of operating assets and liabilities$28,473 $(17,648)
Payments of interest and commitment fees were $79.7 million and $79.0 million for the three months ended March 31, 2024 and March 31, 2023, respectively.
We capitalized interest of $11.3 million and $8.5 million during the three months ended March 31, 2024 and March 31, 2023, respectively.
At March 31, 2024 and March 31, 2023, we had incurred liabilities for fixed and intangible asset additions totaling $102.2 million and $46.4 million, respectively, that had not been paid at the end of the quarter. Therefore, these amounts were not included in the caption “Payments to acquire fixed and intangible assets” under Cash Flows from Investing Activities in the Unaudited Condensed Consolidated Statements of Cash Flows. The amounts as of March 31, 2024 primarily relate to the capital expenditures associated with our offshore growth capital projects and our Granger Optimization Project.
16. Derivatives
Crude Oil and Petroleum Products Hedges
We have exposure to commodity price changes related to our petroleum inventory and purchase commitments. We utilize derivative instruments (exchange-traded futures, options and swap contracts) to hedge our exposure to crude oil, fuel oil and other petroleum products. Our decision as to whether to designate derivative instruments as fair value hedges for accounting purposes relates to our expectations of the length of time we expect to have the commodity price exposure and our expectations as to whether the derivative contract will qualify as highly effective under accounting guidance in limiting our exposure to commodity price risk. We recognize any changes in the fair value of our derivative contracts as increases or decreases in “Onshore facilities and transportation product costs” in the Unaudited Condensed Consolidated Statements of Operations. The recognition of changes in fair value of the derivative contracts not designated as hedges for accounting purposes can occur in reporting periods that do not coincide with the recognition of gain or loss on the actual transaction being hedged. Therefore, we will, on occasion, report gains or losses in one period that will be partially offset by gains or losses in a future period when the hedged transaction is completed.
We have designated certain crude oil futures contracts as hedges of crude oil inventory due to our expectation that these contracts will be highly effective in hedging our exposure to fluctuations in crude oil prices during the period that we expect to hold that inventory. We account for these derivative instruments as fair value hedges under the accounting guidance. Changes in the fair value of these derivative instruments designated as fair value hedges are used to offset related changes in the fair value of the hedged crude oil inventory. Any hedge ineffectiveness in these fair value hedges and any amounts excluded
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from effectiveness testing are recorded as a gain or loss within “Onshore facilities and transportation product costs” in the Unaudited Condensed Consolidated Statements of Operations.
Natural Gas Hedges
Our Alkali Business relies on natural gas to generate heat and electricity for operations. We use a combination of commodity price swap contracts, future purchase contracts, and option contracts to manage our exposure to fluctuations in natural gas prices. The swap contracts are used to fix the basis differential between NYMEX Henry Hub and NW Rocky Mountain posted prices. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of natural gas derivative contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.
Forward Freight Hedges
ANSAC is exposed to fluctuations in freight rates for vessels used to transport soda ash to our international customers. We use exchange-traded or over-the-counter futures, swaps and options to hedge future freight rates for forecasted shipments. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of forward freight contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.
Bunker Fuel Hedges
ANSAC is exposed to fluctuations in the price of bunker fuel consumed by vessels used to transport soda ash to our international customers. We use exchange-traded or over-the-counter futures, swaps and options to hedge bunker fuel prices for forecasted shipments. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of bunker fuel contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.
Rail Fuel Surcharge Hedges
ANSAC enters into rail transport agreements that require us to pay rail fuel surcharges based on changes in the U.S. On-Highway Diesel Fuel Price published by the U.S. Department of Energy (“DOE”). We use exchange-traded or over-the-counter futures, swaps and options to hedge fluctuations in the fuel price. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of bunker fuel contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.
Balance Sheet Netting and Broker Margin Accounts
Our accounting policy is to offset derivative assets and liabilities executed with the same counterparty when a master netting arrangement exists. Accordingly, we also offset fair value amounts recorded for our exchange-traded derivative contracts against required margin funding in “Current Assets - Other” in our Unaudited Condensed Consolidated Balance Sheets. Our exchange-traded derivatives are transacted through brokerage accounts and are subject to margin requirements as established by the respective exchange. Margin requirements are intended to mitigate a party’s exposure to market volatility and counterparty credit risk. On a daily basis, our account equity (consisting of the sum of our cash margin balance and the fair value of our open derivatives) is compared to our initial margin requirement resulting in the payment or return of variation margin.
As of March 31, 2024, we had a net broker receivable of approximately $15.0 million (consisting of initial margin of $5.7 million increased by $9.3 million variation margin). As of December 31, 2023, we had a net broker receivable of approximately $10.9 million (consisting of initial margin of $5.7 million increased by $5.2 million of variation margin).  At March 31, 2024 and December 31, 2023, none of our outstanding derivatives contained credit-risk related contingent features that would result in a material adverse impact to us upon any change in our credit ratings. 
Financial Statement Impacts
Unrealized gains are subtracted from net income (loss) and unrealized losses are added to net income (loss) in determining cash flows from operating activities. To the extent that we have fair value hedges outstanding, the offsetting change recorded in the fair value of inventory is also eliminated from net income (loss) in determining cash flows from operating activities. Changes in the cash margin balance required to maintain our exchange-traded derivative contracts also affect cash flows from operating activities.
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Outstanding Derivatives
At March 31, 2024, we had the following outstanding derivative contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases.
Sell (Short)
Contracts
Buy (Long)
Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)437 175 
Weighted average contract price per Bbl$78.74 $80.03 
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)149 104 
Weighted average contract price per Bbl$79.99 $80.82 
Natural gas swaps:
Contract volumes (10,000 MMBtu) 1,074 
Weighted average price differential per MMBtu$ $0.54 
Natural gas futures:
Contract volumes (10,000 MMBtu)114 1,184 
Weighted average contract price per MMBtu$1.77 $3.47 
Natural gas options:
Contract volumes (10,000 MMBtu)17  
Weighted average premium received/paid$0.31 $ 
Bunker fuel futures:
Contract volumes (metric tons “MT”) 54,500 
Weighted average price per MT$ $538.17 
Bunker fuel swaps:
Contract volumes (metric tons “MT”) 4,500 
Weighted average price per MT$ $547.22 
DOE diesel options:
Contract volumes (1,000 Gal) 2,750 
Weighted average premium received/paid$ $0.35 

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Fair Value of Derivative Assets and Liabilities
The following tables reflect the estimated fair value position of our derivatives at March 31, 2024 and December 31, 2023:
 Unaudited Condensed Consolidated Balance Sheets LocationFair Value
 March 31, 2024 December 31, 2023
Asset Derivatives:
Natural Gas Swap (undesignated hedge)Current Assets - Accounts receivable - trade, net$4,957 $3,710 
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized assets
Current Assets - Other(1)
$4,073 $1,235 
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other(1)
(4,073)(1,235)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ $ 
Commodity derivatives - futures (designated hedges):
Gross amount of recognized assets
Current Assets - Other(1)
$529 $716 
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other(1)
(529)(716)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets$ $ 
Liability Derivatives:
Natural Gas Swap (undesignated hedge)Current Liabilities -Accrued liabilities$(5,152)$(5,536)
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities
Current Assets - Other(1)
$(11,762)$(12,384)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other(1)
11,762 12,384 
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets$ $ 
Commodity derivatives - futures (designated hedges):
Gross amount of recognized liabilities
Current Assets - Other(1)
$(1,856)$(120)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other(1)
1,856 120 
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets$ $ 
(1)As noted above, our exchange-traded derivatives are transacted through brokerage accounts and subject to margin requirements. We offset fair value amounts recorded for our exchange-traded derivative contracts against required margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under “Current Assets - Other”.
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Effect on Operating Results