Genesis Energy Earnings 2019-06-30

GEL 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Document

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended June 30, 2019

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

Commission file number 1-12295

GENESIS ENERGY, L.P.

(Exact name of registrant as specified in its charter)



Delaware					76-0513049
(State or other jurisdiction of incorporation or organization)					(I.R.S. Employer Identification No.)

919 Milam, Suite 2100,
	Houston	,	TX		77002
(Address of principal executive offices)					(Zip code)
Registrant’s telephone number, including area code:				(713)	860-2500

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 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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	☐
		Emerging growth company	☐

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

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



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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. There were 122,539,221 Class A Common Units and 39,997 Class B Common Units outstanding as of August 6, 2019.

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GENESIS ENERGY, L.P.

TABLE OF CONTENTS



		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Unaudited Condensed Consolidated Balance Sheets	3
	Unaudited Condensed Consolidated Statements of Operations	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income	5
	Unaudited Condensed Consolidated Statements of Partners’ Capital	6
	Unaudited Condensed Consolidated Statements of Cash Flows	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
	1. Organization and Basis of Presentation and Consolidation	8
	2. Recent Accounting Developments	8
	3. Revenue Recognition	9
	4. Lease Accounting	11
	5. Inventories	14
	6. Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations	15
	7. Equity Investees	16
	8. Intangible Assets	17
	9. Debt	18
	10. Partners' Capital, Mezzanine Capital and Distributions	19
	11. Net Income (Loss) Per Common Unit	20
	12. Business Segment Information	21
	13. Transactions with Related Parties	23
	14. Supplemental Cash Flow Information	25
	15. Derivatives	25
	16. Fair-Value Measurements	28
	17. Commitments and Contingencies	30
	18. Condensed Consolidating Financial Information	30
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	55
Item 4.	Controls and Procedures	56
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	57
Item 1A.	Risk Factors	57
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 3.	Defaults upon Senior Securities	57
Item 4.	Mine Safety Disclosures	57
Item 5.	Other Information	57
Item 6.	Exhibits	58
SIGNATURES		59

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except units)



	June 30, 2019			December 31, 2018
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	9,579		$	10,300
Accounts receivable - trade, net	297,847			323,462
Inventories	84,094			73,531
Other	44,877			35,986
Total current assets	436,397			443,279
FIXED ASSETS, at cost	5,505,360			5,440,858
Less: Accumulated depreciation	(1,160,353		)	(1,023,825		)
Net fixed assets	4,345,007			4,417,033
MINERAL LEASEHOLDS, net of accumulated depletion	558,197			560,481
NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income	112,428			116,925
EQUITY INVESTEES	344,583			355,085
INTANGIBLE ASSETS, net of amortization	147,178			162,602
GOODWILL	301,959			301,959
RIGHT OF USE ASSETS, net	191,497			—
OTHER ASSETS, net of amortization	117,697			121,707
TOTAL ASSETS	$	6,554,943		$	6,479,071
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Accounts payable - trade	$	132,026		$	127,327
Accrued liabilities	220,975			205,507
Total current liabilities	353,001			332,834
SENIOR SECURED CREDIT FACILITY	967,000			970,100
SENIOR UNSECURED NOTES, net of debt issuance costs	2,466,137			2,462,363
DEFERRED TAX LIABILITIES	12,911			12,576
OTHER LONG-TERM LIABILITIES	397,690			259,198
Total liabilities	4,196,739			4,037,071

MEZZANINE CAPITAL:
Class A Convertible Preferred Units, 25,336,778 and 24,438,022 issued and outstanding at June 30, 2019 and December 31, 2018, respectively	790,115			761,466

PARTNERS’ CAPITAL:
Common unitholders, 122,579,218 units issued and outstanding at June 30, 2019 and December 31, 2018	1,575,599			1,690,799
Accumulated other comprehensive income	939			939
Noncontrolling interests	(8,449		)	(11,204		)
Total partners' capital	1,568,089			1,680,534
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL	$	6,554,943		$	6,479,071

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

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GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit amounts)



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
REVENUES:
Offshore pipeline transportation services	$	78,427		$	69,969		$	156,744		$	143,229
Sodium minerals and sulfur services	274,606			298,881			550,092			584,791
Marine transportation	58,706			56,185			115,356			105,114
Onshore facilities and transportation	223,046			327,353			432,602			645,062
Total revenues	634,785			752,388			1,254,794			1,478,196
COSTS AND EXPENSES:
Onshore facilities and transportation product costs	167,050			283,059			335,155			560,877
Onshore facilities and transportation operating costs	19,175			23,046			38,827			45,341
Marine transportation operating costs	44,836			44,217			88,569			82,064
Sodium minerals and sulfur services operating costs	219,894			232,517			438,602			456,015
Offshore pipeline transportation operating costs	4,117			17,440			22,575			35,780
General and administrative	13,412			13,529			25,098			25,203
Depreciation, depletion and amortization	79,353			77,680			156,991			152,935
Total costs and expenses	547,837			691,488			1,105,817			1,358,215
OPERATING INCOME	86,948			60,900			148,977			119,981
Equity in earnings of equity investees	15,046			8,324			28,043			18,896
Interest expense	(55,507		)	(57,909		)	(111,208		)	(114,045		)
Other expense	(4,692		)	(188		)	(7,668		)	(5,432		)
Income before income taxes	41,795			11,127			58,144			19,400
Income tax expense	(143		)	(256		)	(545		)	(631		)
NET INCOME	41,652			10,871			57,599			18,769
Net loss (income) attributable to noncontrolling interests	(1,532		)	126			(1,525		)	262
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	40,120		$	10,997		$	56,074		$	19,031
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(18,684		)	(17,257		)	(37,099		)	(34,145		)
NET INCOME (LOSS) AVAILABLE TO COMMON UNITHOLDERS	$	21,436		$	(6,260	)	$	18,975		$	(15,114	)
NET INCOME (LOSS) PER COMMON UNIT (Note 11):
Basic and Diluted	$	0.17		$	(0.05	)	$	0.15		$	(0.12	)
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
Basic and Diluted	122,579			122,579			122,579			122,579

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

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GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Net income	$	41,652		$	10,871	$	57,599		$	18,769
Other comprehensive income:
Change in benefit plan liability	—			—		—			—
Total Comprehensive income	41,652			10,871		57,599			18,769
Comprehensive (income) loss attributable to noncontrolling interests	(1,532		)	126		(1,525		)	262
Comprehensive income attributable to Genesis Energy, L.P.	$	40,120		$	10,997	$	56,074		$	19,031

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

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GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(In thousands)



	Number of Common Units	Partners’ Capital			Noncontrolling Interest			Accumulated Other Comprehensive Income			Total
Partners’ capital, March 31, 2019	122,579	$	1,621,314		$	(10,601	)	$	939		$	1,611,652
Net income	—	40,120			1,532			—			41,652
Cash distributions to partners	—	(67,419		)	—			—			(67,419		)
Cash contributions from noncontrolling interests	—	—			620			—			620
Distributions to Class A Convertible Preferred unitholders	—	(18,416		)	—			—			(18,416		)
Partners' capital, June 30, 2019	122,579	$	1,575,599		$	(8,449	)	$	939		$	1,568,089
	Number of Common Units	Partners’ Capital			Noncontrolling Interest			Accumulated Other Comprehensive Loss			Total
Partners’ capital, March 31, 2018	122,579	$	1,951,590		$	(7,815	)	$	(604	)	$	1,943,171
Net income	—	10,997			(126		)	—			10,871
Cash distributions to partners	—	(63,742		)	—			—			(63,742		)
Cash contributions from noncontrolling interests	—	—			920			—			920
Distributions to Class A Convertible Preferred unitholders	—	(16,888		)	—			—			(16,888		)
Partners' capital, June 30, 2018	122,579	$	1,881,957		$	(7,021	)	$	(604	)	$	1,874,332



	Number of Common Units	Partners’ Capital			Noncontrolling Interest			Accumulated Other Comprehensive Income			Total
Partners’ capital, January 1, 2019	122,579	$	1,690,799		$	(11,204	)	$	939		$	1,680,534
Net income	—	56,074			1,525			—			57,599
Cash distributions to partners	—	(134,838		)	—			—			(134,838		)
Cash contributions from noncontrolling interests	—	—			1,230			—			1,230
Distributions to Class A Convertible Preferred unitholders	—	(36,436		)	—			—			(36,436		)
Partners' capital, June 30, 2019	122,579	$	1,575,599		$	(8,449	)	$	939		$	1,568,089
	Number of Common Units	Partners’ Capital			Noncontrolling Interest			Accumulated Other Comprehensive Loss			Total
Partners’ capital, January 1, 2018	122,579	$	2,022,597		$	(8,079	)	$	(604	)	$	2,013,914
Net income	—	19,031			(262		)	—			18,769
Cash distributions to partners	—	(126,257		)	—			—			(126,257		)
Cash contributions from noncontrolling interests	—	—			1,320			—			1,320
Distributions to Class A Convertible Preferred unitholders	—	(33,414		)	—			—			(33,414		)
Partners' capital, June 30, 2018	122,579	$	1,881,957		$	(7,021	)	$	(604	)	$	1,874,332

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

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GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)



	Six Months Ended June 30,
	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	57,599		$	18,769
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation, depletion and amortization	156,991			152,935
Amortization and write-off of debt issuance costs and discount	5,370			6,820
Amortization of unearned income and initial direct costs on direct financing leases	(6,227		)	(6,615		)
Payments received under direct financing leases	10,334			10,334
Equity in earnings of investments in equity investees	(28,043		)	(18,896		)
Cash distributions of earnings of equity investees	27,735			20,162
Non-cash effect of long-term incentive compensation plans	3,822			1,662
Deferred and other tax liabilities	335			331
Unrealized loss on derivative transactions	13,304			3,269
Other, net	(7,703		)	(3,800		)
Net changes in components of operating assets and liabilities (Note 14)	(37,907		)	(34,155		)
Net cash provided by operating activities	195,610			150,816
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	(68,666		)	(110,970		)
Cash distributions received from equity investees - return of investment	10,811			17,828
Investments in equity investees	—			(395		)
Proceeds from asset sales	861			1,192
Net cash used in investing activities	(56,994		)	(92,345		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	387,000			543,100
Repayments on senior secured credit facility	(390,100		)	(336,000		)
Repayment of senior unsecured notes	—			(145,170		)
Debt issuance costs	—			(224		)
Contributions from noncontrolling interests	1,230			1,320
Distributions to common unitholders	(134,838		)	(126,257		)
Distributions to preferred unitholders	(6,138		)	—
Other, net	3,509			3,565
Net cash used in financing activities	(139,337		)	(59,666		)
Net decrease in cash and cash equivalents	(721		)	(1,195		)
Cash and cash equivalents at beginning of period	10,300			9,041
Cash and cash equivalents at end of period	$	9,579		$	7,846

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

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GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Basis of Presentation and Consolidation

Organization

We are a growth-oriented master limited partnership formed in Delaware in 1996 and focused on the midstream segment of the crude oil and natural gas industry in the Gulf Coast region of the United States and the Gulf of Mexico. We provide an integrated suite of services to refiners, crude oil and natural gas producers, and industrial and commercial enterprises and have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, our soda ash business (our "Alkali Business"), refinery-related plants, storage tanks and terminals, railcars, rail unloading facilities, barges and other vessels, and trucks. We are owned 100% by our limited partners. Genesis Energy, LLC, our general partner, is a wholly-owned subsidiary. Our general partner has sole responsibility for conducting our business and managing our operations. We conduct our operations and own our operating assets through our subsidiaries and joint ventures.

We currently manage our businesses through the following four divisions that constitute our reportable segments:


•	Offshore pipeline transportation and processing of crude oil and natural gas in the Gulf of Mexico;


•	Sodium minerals and sulfur services involving trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as processing of high sulfur (or "sour") gas streams for refineries to remove the sulfur, and selling the related by-product, sodium hydrosulfide (or "NaHS", commonly pronounced "nash");


•	Onshore facilities and transportation, which include terminalling, blending, storing, marketing, and transporting crude oil, petroleum products, and CO₂; and


•	Marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America.

Basis of Presentation and Consolidation

The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries, including our general partner, Genesis Energy, LLC.

Our results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. The Condensed Consolidated Financial Statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission ("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, 2018.

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

Recently Adopted

We have adopted guidance under ASC Topic 606, Revenue from Contracts with Customers, and all related ASUs (collectively "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of adoption. Our material equity method investment, Poseidon Oil Pipeline Company, LLC (“Poseidon”), adopted ASC 606 on January 1, 2019. The adoption did not have an impact to our investment balance or equity in earnings at the transition date or at June 30, 2019. Refer to Note 3 for further details.

We have adopted guidance under ASC Topic 842, Lease Accounting ("ASC 842"), as of January 1, 2019 utilizing the modified retrospective method of adoption. Additionally, we elected to implement the practical expedients that pertain to easements, separation of lease components, and the package of practical expedients which among other things, allows us to carry over previous lease conclusions reached under ASC 840. As a result of adopting the new lease standard, we recorded an operating lease right of use asset of approximately $209 million with a corresponding lease liability as of the transition date. Refer to Note 4 for further details.

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GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Recently Issued

In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. The guidance also requires increased disclosures. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The standard requires varying transition methods for the different categories of amendments. We do not expect ASU 2016-13 to have a material impact on our 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 June 30, 2019 and 2018, respectively:



	Three Months Ended June 30, 2019
	Onshore Facilities & Transportation		Sodium Minerals & Sulfur Services		Offshore Pipeline Transportation		Marine Transportation		Consolidated
Fee-based revenues	$	37,764	$	—	$	78,427	$	58,706	$	174,897
Product Sales	185,282		252,089		—		—		437,371
Refinery Services	—		22,517		—		—		22,517
	$	223,046	$	274,606	$	78,427	$	58,706	$	634,785



	Three Months Ended June 30, 2018
	Onshore Facilities & Transportation		Sodium Minerals & Sulfur Services		Offshore Pipeline Transportation		Marine Transportation		Consolidated
Fee-based revenues	$	35,010	$	—	$	69,969	$	56,185	$	161,164
Product Sales	292,343		269,151		—		—		561,494
Refinery Services	—		29,730		—		—		29,730
	$	327,353	$	298,881	$	69,969	$	56,185	$	752,388

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GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables reflect the disaggregation of our revenues by major category for the six months ended June 30, 2019 and 2018, respectively:



	Six Months Ended June 30, 2019
	Onshore Facilities & Transportation		Sodium Minerals & Sulfur Services		Offshore Pipeline Transportation		Marine Transportation		Consolidated
Fee-based revenues	$	75,776	$	—	$	156,744	$	115,356	$	347,876
Product Sales	356,826		509,932		—		—		866,758
Refinery Services	—		40,160		—		—		40,160
	$	432,602	$	550,092	$	156,744	$	115,356	$	1,254,794



	Six Months Ended June 30, 2018
	Onshore Facilities & Transportation		Sodium Minerals & Sulfur Services		Offshore Pipeline Transportation		Marine Transportation		Consolidated
Fee-based revenues	$	65,348	$	—	$	143,229	$	105,114	$	313,691
Product Sales	579,714		533,116		—		—		1,112,830
Refinery Services	—		51,675		—		—

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-09-23	Enter Agreement, Regulation FD, Other Events, Exhibits
8-K	2019-08-06	Earnings, Exhibits
8-K	2019-06-06
8-K	2019-05-02	Earnings, Exhibits
8-K	2019-03-01	Officers
8-K	2019-02-20	Earnings, Exhibits
8-K	2018-11-01	Earnings, Exhibits
8-K	2018-10-11	Enter Agreement, Other Events, Exhibits
8-K	2018-08-28	Enter Agreement, Exhibits
8-K	2018-08-08	Earnings, Exhibits
8-K	2018-04-20	Exhibits
8-K	2018-02-15	Earnings, Exhibits
8-K	2018-01-16	Other Events, Exhibits
8-K	2018-01-10	Officers
8-K	2017-12-31	Shareholder Rights, Amend Bylaw, Exhibits

EXPD	Expeditors International of Washington	12,301
HUNT	Hunter Maritime Acquisition	1,985
HUBG	Hub Group	1,399
CAPL	Crossamerica Partners	594
SRLP	Sprague Resources	357
RRTS	Roadrunner Transportation Systems	308
RLGT	Radiant Logistics	239
AE	Adams Resources & Energy	173
MMLP	Martin Midstream Partners	140
SINO	Sino-Global Shipping America	11

EX-31.1	gel6302019exhibit311.htm
EX-31.2	gel6302019exhibit312.htm
EX-32	gel6302019exhibit32.htm
EX-95	gel6302019exhibit95.htm