Company Quick10K Filing
Quick10K
Genesis Energy
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
GEL 2019-06-30
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 gel6302019exhibit311.htm
EX-31.2 gel6302019exhibit312.htm
EX-32 gel6302019exhibit32.htm
EX-95 gel6302019exhibit95.htm

Genesis Energy Earnings 2019-06-30

GEL 10Q Quarterly Report

Balance SheetIncome StatementCash 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
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

 
 
 
 
 
 
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
 
 
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)
 
 
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.

3

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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.


4

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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.


5

Table of Contents


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.


6

Table of Contents

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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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 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