Company Quick10K Filing
Genesis Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-01 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-26 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-02-27 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-07-29 Quarter: 2015-06-30
10-Q 2015-04-29 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-11-01 Quarter: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-05-02 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-11-06 Quarter: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-16 Annual: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2020-01-16 Enter Agreement, Other Events, Exhibits
8-K 2020-01-09 Enter Agreement, Regulation FD, Exhibits
8-K 2020-01-08 Regulation FD, Exhibits
8-K 2019-12-19 Other Events, Exhibits
8-K 2019-11-06 Earnings, Exhibits
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 2018-05-04 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
GEL 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits.
EX-31.1 gel9302019exhibit311.htm
EX-31.2 gel9302019exhibit312.htm
EX-32 gel9302019exhibit32.htm
EX-95 gel9302019exhibit95.htm

Genesis Energy Earnings 2019-09-30

GEL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RRTS 337 843 622 1,524 0 -269 -173 514 0% -3.0 -32%
AE 142 302 152 1,840 0 3 18 10 0% 0.5 1%
SINO 11 21 5 40 6 -6 -5 8 14% -1.5 -31%
NGL 6,395 4,303 24,810 768 537 919 2,579 3% 2.8 8%
SUN 5,470 4,691 16,805 639 204 371 2,993 4% 8.1 4%
GLP 2,764 2,278 13,230 703 81 88 -10 5% -0.1 3%
GEL 6,555 4,197 2,689 0 32 571 2,490 0% 4.4 0%
SRLP 946 822 3,619 189 47 131 -6 5% -0.0 5%
CAPL 929 825 2,295 167 20 109 532 7% 4.9 2%
MMLP 701 738 910 320 -156 -84 594 35% -7.1 -22%

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 September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12295
 
 
 
 
 
GENESIS ENERGY, L.P.
(Exact name of registrant as specified in its charter)
 
 
 
 
 

Delaware
 
 
 
76-0513049
(State or other jurisdiction of
incorporation or organization)
 
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
919 Milam, Suite 2100,
 
 
 
 
 
Houston
,
TX
 
 
 
77002
(Address of principal executive offices)
 
 
 
(Zip code)
Registrant’s telephone number, including area code:
(713)
860-2500
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common units
GEL
NYSE
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T 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.


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Large accelerated filer
x
 
Accelerated filer  
¨
Non-accelerated filer 
¨
 
Smaller reporting company  
 
 
 
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2) of the Exchange Act). Yes No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. There were 122,539,221 Class A Common Units and 39,997 Class B Common Units outstanding as of November 6, 2019.



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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

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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)
 
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
56,609

 
$
10,300

Accounts receivable - trade, net
330,581

 
323,462

Inventories
72,087

 
73,531

Other
58,469

 
35,986

Total current assets
517,746

 
443,279

FIXED ASSETS, at cost
5,521,434

 
5,440,858

Less: Accumulated depreciation
(1,212,062
)
 
(1,023,825
)
Net fixed assets
4,309,372

 
4,417,033

MINERAL LEASEHOLDS, net of accumulated depletion
556,993

 
560,481

NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income
110,094

 
116,925

EQUITY INVESTEES
336,900

 
355,085

INTANGIBLE ASSETS, net of amortization
142,715

 
162,602

GOODWILL
301,959

 
301,959

RIGHT OF USE ASSETS, net
184,723

 

OTHER ASSETS, net of amortization
100,179

 
121,707

TOTAL ASSETS
$
6,560,681

 
$
6,479,071

LIABILITIES AND CAPITAL
 
 
 
CURRENT LIABILITIES:
 
 
 
Accounts payable - trade
$
188,703

 
$
127,327

Accrued liabilities
225,222

 
205,507

Total current liabilities
413,925

 
332,834

SENIOR SECURED CREDIT FACILITY
947,000

 
970,100

SENIOR UNSECURED NOTES, net of debt issuance costs
2,468,033

 
2,462,363

DEFERRED TAX LIABILITIES
12,872

 
12,576

OTHER LONG-TERM LIABILITIES
377,167

 
259,198

Total liabilities
4,218,997

 
4,037,071

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

 
761,466

Redeemable noncontrolling interests, 55,000 preferred units issued and outstanding at September 30, 2019
49,672

 

 
 
 
 
PARTNERS’ CAPITAL:
 
 
 
Common unitholders, 122,579,218 units issued and outstanding at September 30, 2019 and December 31, 2018
1,507,054

 
1,690,799

Accumulated other comprehensive income
939

 
939

Noncontrolling interests
(6,096
)
 
(11,204
)
Total partners' capital
1,501,897

 
1,680,534

TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL
$
6,560,681

 
$
6,479,071

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

3

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GENESIS ENERGY, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit amounts)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
REVENUES:
 
 
 
 
 
 
 
Offshore pipeline transportation services
$
79,738

 
$
70,115

 
$
236,482

 
$
213,344

Sodium minerals and sulfur services
277,527

 
291,722

 
827,619

 
876,513

Marine transportation
59,404

 
56,296

 
174,760

 
161,410

Onshore facilities and transportation
205,028

 
327,145

 
637,630

 
972,207

Total revenues
621,697

 
745,278

 
1,876,491

 
2,223,474

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Onshore facilities and transportation product costs
160,772

 
273,251

 
495,927

 
834,128

Onshore facilities and transportation operating costs
19,550

 
22,005

 
58,377

 
67,346

Marine transportation operating costs
44,831

 
44,195

 
133,400

 
126,259

Sodium minerals and sulfur services operating costs
222,304

 
229,204

 
660,906

 
685,219

Offshore pipeline transportation operating costs
22,932

 
17,753

 
45,507

 
53,533

General and administrative
14,999

 
24,209

 
40,097

 
49,412

Depreciation, depletion and amortization
83,522

 
91,876

 
240,513

 
244,811

Gain on sale of assets

 
(3,363
)
 

 
(3,363
)
Total costs and expenses
568,910

 
699,130

 
1,674,727

 
2,057,345

OPERATING INCOME
52,787

 
46,148

 
201,764

 
166,129

Equity in earnings of equity investees
11,830

 
9,492

 
39,873

 
28,388

Interest expense
(54,673
)
 
(58,819
)
 
(165,881
)
 
(172,864
)
Other income (expense)
7,974

 
1,828

 
306

 
(3,604
)
Income (loss) before income taxes
17,918

 
(1,351
)
 
76,062

 
18,049

Income tax expense
(111
)
 
(283
)
 
(656
)
 
(914
)
NET INCOME (LOSS)
17,807

 
(1,634
)
 
75,406

 
17,135

Net loss (income) attributable to noncontrolling interests
22

 
1,311

 
(1,503
)
 
1,573

Net income attributable to redeemable noncontrolling interests
(272
)
 

 
(272
)
 

NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
17,557

 
$
(323
)
 
$
73,631

 
$
18,708

Less: Accumulated distributions attributable to Class A Convertible Preferred Units
(18,684
)
 
(17,635
)
 
(55,783
)
 
(51,780
)
NET INCOME (LOSS) AVAILABLE TO COMMON UNITHOLDERS
$
(1,127
)
 
$
(17,958
)
 
$
17,848

 
$
(33,072
)
NET INCOME (LOSS) PER COMMON UNIT (Note 11):
 
 
 
 
 
 
 
Basic and Diluted
$
(0.01
)
 
$
(0.15
)
 
$
0.15

 
$
(0.27
)
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.


4

Table of Contents

GENESIS ENERGY, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
17,807

 
$
(1,634
)
 
$
75,406

 
$
17,135

Other comprehensive income:
 
 
 
 
 
 
 
Change in benefit plan liability

 

 

 

Total Comprehensive income (loss)
17,807

 
(1,634
)
 
75,406

 
17,135

Comprehensive (income) loss attributable to noncontrolling interests
22

 
1,311

 
(1,503
)
 
1,573

Comprehensive income attributable to redeemable noncontrolling interests
$
(272
)
 
$

 
$
(272
)
 
$

Comprehensive income (loss) attributable to Genesis Energy, L.P.
$
17,557

 
$
(323
)
 
$
73,631

 
$
18,708

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


5

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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, June 30, 2019
122,579

 
$
1,575,599

 
$
(8,449
)
 
$
939

 
$
1,568,089

Net income

 
17,557

 
(22
)
 

 
17,535

Cash distributions to partners

 
(67,418
)
 

 

 
(67,418
)
Cash contributions from noncontrolling interests

 

 
2,375

 

 
2,375

Distributions to Class A Convertible Preferred unitholders

 
(18,684
)
 

 

 
(18,684
)
Partners' capital, September 30, 2019
122,579

 
$
1,507,054

 
$
(6,096
)
 
$
939

 
$
1,501,897

 
Number of
Common Units
 
Partners’ Capital
 
Noncontrolling Interest
 
Accumulated Other Comprehensive Loss
 
Total
Partners’ capital, June 30, 2018
122,579

 
$
1,881,957

 
$
(7,021
)
 
$
(604
)
 
$
1,874,332

Net income (loss)

 
(323
)
 
(1,311
)
 

 
(1,634
)
Cash distributions to partners

 
(64,967
)
 

 

 
(64,967
)
Cash contributions from noncontrolling interests

 

 
660

 

 
660

Distributions to Class A Convertible Preferred unitholders

 
(17,258
)
 

 

 
(17,258
)
Partners' capital, September 30, 2018
122,579

 
$
1,799,409

 
$
(7,672
)
 
$
(604
)
 
$
1,791,133


 
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

 
73,631

 
1,503

 

 
75,134

Cash distributions to partners

 
(202,256
)
 

 

 
(202,256
)
Cash contributions from noncontrolling interests

 

 
3,605

 

 
3,605

Distributions to Class A Convertible Preferred unitholders

 
(55,120
)
 

 

 
(55,120
)
Partners' capital, September 30, 2019
122,579

 
$
1,507,054

 
$
(6,096
)
 
$
939

 
$
1,501,897

 
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

 
18,708

 
(1,573
)
 

 
17,135

Cash distributions to partners

 
(191,224
)
 

 

 
(191,224
)
Cash contributions from noncontrolling interests

 

 
1,980

 

 
1,980

Distributions to Class A Convertible Preferred unitholders

 
(50,672
)
 

 

 
(50,672
)
Partners' capital, September 30, 2018
122,579

 
$
1,799,409

 
$
(7,672
)
 
$
(604
)
 
$
1,791,133

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

6

Table of Contents

GENESIS ENERGY, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
 
Nine Months Ended
September 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
75,406

 
$
17,135

Adjustments to reconcile net income to net cash provided by operating activities -
 
 
 
Depreciation, depletion and amortization
240,513

 
244,811

Gain on sale of assets

 
(3,363
)
Amortization and write-off of debt issuance costs and discount
8,065

 
9,489

Amortization of unearned income and initial direct costs on direct financing leases
(9,271
)
 
(9,847
)
Payments received under direct financing leases
15,501

 
15,501

Equity in earnings of investments in equity investees
(39,873
)
 
(28,388
)
Cash distributions of earnings of equity investees
39,725

 
28,992

Non-cash effect of long-term incentive compensation plans
6,298

 
3,240

Deferred and other tax liabilities
296

 
380

Unrealized loss on derivative transactions
4,231

 
1,285

Other, net
(3,518
)
 
999

Net changes in components of operating assets and liabilities (Note 14)
(5,644
)
 
27,330

Net cash provided by operating activities
331,729

 
307,564

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Payments to acquire fixed and intangible assets
(109,598
)
 
(152,868
)
Cash distributions received from equity investees - return of investment
18,333

 
26,042

Investments in equity investees

 
(2,960
)
Proceeds from asset sales
890

 
36,859

Net cash used in investing activities
(90,375
)
 
(92,927
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Borrowings on senior secured credit facility
597,500

 
759,800

Repayments on senior secured credit facility
(620,600
)
 
(638,300
)
Net proceeds from issuance of preferred units (Note 10)
49,400

 

Repayment of senior unsecured notes

 
(145,170
)
Debt issuance costs

 
(242
)
Contributions from noncontrolling interests
3,605

 
1,980

Distributions to common unitholders
(202,256
)
 
(191,224
)
Distributions to preferred unitholders
(24,822
)
 

Other, net
2,128

 
1,356

Net cash used in financing activities
(195,045
)
 
(211,800
)
Net increase in cash and cash equivalents
46,309

 
2,837

Cash and cash equivalents at beginning of period
10,300

 
9,041

Cash and cash equivalents at end of period
$
56,609

 
$
11,878

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

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Table of Contents
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 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 September 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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Table of Contents
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 have performed a preliminary assessment which consisted of reviewing current and historical information pertaining to our trade accounts receivable and existing contract assets. We do not expect that the adoption of ASU 2016-03 will 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 September 30, 2019 and 2018, respectively:
 
Three Months Ended
September 30, 2019
 
Onshore Facilities & Transportation
 
Sodium Minerals & Sulfur Services
 
Offshore Pipeline Transportation
 
Marine Transportation
 
Consolidated
Fee-based revenues
$
36,937

 
$

 
$
79,738

 
$
59,404

 
$
176,079

Product Sales
168,091

 
259,332

 

 

 
427,423

Refinery Services

 
18,195

 

 

 
18,195

 
$
205,028

 
$
277,527

 
$
79,738

 
$
59,404

 
$
621,697


 
Three Months Ended
September 30, 2018
 
Onshore Facilities & Transportation
 
Sodium Minerals & Sulfur Services
 
Offshore Pipeline Transportation
 
Marine Transportation
 
Consolidated
Fee-based revenues
$
42,188

 
$

 
$
70,115

 
$
56,296

 
$
168,599

Product Sales
284,957

 
268,207

 

 

 
553,164

Refinery Services

 
23,515

 

 

 
23,515

 
$
327,145

 
$
291,722