Genesis Energy LP Files 2023 Annual Report on Form 10-K

TL;DR

<b>Genesis Energy LP submitted its 2023 10-K, detailing operations across its diverse energy and transportation segments.</b>

AI Summary

GENESIS ENERGY LP (GEL) filed a Annual Report (10-K) with the SEC on February 23, 2024. Genesis Energy LP filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is pipelines (excluding natural gas). Key segments include Offshore Pipeline Transportation, Sodium Minerals and Sulfur Services, Marine Transportation, and Onshore Facilities and Transportation. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking GENESIS ENERGY LP, this filing contains several important signals. This 10-K provides a comprehensive overview of Genesis Energy's financial performance and operational activities for the 2023 fiscal year, crucial for investors assessing the company's stability and growth prospects. Understanding the performance of each segment (Offshore Pipeline Transportation, Sodium Minerals, Marine Transportation, Onshore Facilities) is key to evaluating Genesis Energy's overall business strategy and future revenue streams.

Risk Assessment

Risk Level: medium — GENESIS ENERGY LP shows moderate risk based on this filing. The company operates in the energy and transportation sectors, which are subject to significant regulatory oversight, commodity price volatility, and operational risks inherent in pipeline and marine operations, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed segment performance and risk factors in the 10-K to assess Genesis Energy's strategic positioning and potential for future growth.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-23 — Filing Date (Filed as of Date)
• 153 — Public Document Count (Document Count)
• 001-12295 — SEC File Number (SEC File Number)

Key Players & Entities

• GENESIS ENERGY LP (company) — Filer
• 811 LOUISIANA ST, SUITE 1200 (address) — Business Address
• HOUSTON (location) — Business Address City
• TX (location) — Business Address State
• 77002 (postal_code) — Business Address Zip
• PIPE LINES (NO NATURAL GAS) (industry) — Standard Industrial Classification
• DE (location) — State of Incorporation
• 760513049 (tax_id) — IRS Number

FAQ

Key Financial Figures

• $9.55 — approximately $ 995.3 million based on $9.55 per unit, the closing price of the comm

Filing Documents

• gel-20231231.htm (10-K) — 3568KB
• annual_ex211xgel12312023xs.htm (EX-21.1) — 54KB
• annual_ex221xgel12312023xl.htm (EX-22.1) — 80KB
• annual_ex231xpwcconsentxge.htm (EX-23.1) — 2KB
• annual_ex232xeyconsentxgel.htm (EX-23.2) — 5KB
• annual_ex233xstantecconsen.htm (EX-23.3) — 4KB
• annual_ex311ceoxgel12312023.htm (EX-31.1) — 10KB
• annual_ex312cfoxgel12312023.htm (EX-31.2) — 10KB
• annual_ex321ceoxgel12312023.htm (EX-32.1) — 6KB
• annual_ex322cfoxgel12312023.htm (EX-32.2) — 6KB
• annual_ex95xgel12312023.htm (EX-95) — 22KB
• annual_ex97xclawbackpolicy.htm (EX-97) — 30KB
• gel-20231231_g1.jpg (GRAPHIC) — 60KB
• gel-20231231_g2.jpg (GRAPHIC) — 172KB
• gel-20231231_g3.jpg (GRAPHIC) — 818KB
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• gel-20231231_g7.jpg (GRAPHIC) — 96KB
• 0001022321-24-000018.txt (&nbsp;) — 21901KB
• gel-20231231.xsd (EX-101.SCH) — 108KB
• gel-20231231_cal.xml (EX-101.CAL) — 122KB
• gel-20231231_def.xml (EX-101.DEF) — 707KB
• gel-20231231_lab.xml (EX-101.LAB) — 1164KB
• gel-20231231_pre.xml (EX-101.PRE) — 945KB
• gel-20231231_htm.xml (XML) — 2670KB

Risk Factors

Item 1A. Risk Factors 31

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 50

Cybersecurity

Item 1C. Cybersecurity 50

Properties

Item 2. Properties 52

Legal Proceedings

Item 3. Legal Proceedings 65

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 65 Part II

Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 66

Selected Financial Data

Item 6. Selected Financial Data 67

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 67

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 93

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 95

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 95

Controls and Procedures

Item 9A. Controls and Procedures 95

Other Information

Item 9B. Other Information 96 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 96

Executive Compensation

Item 11. Executive Compensation 102

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 111

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 112

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 113 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 114

Form 10-K Summary

Item 16. Form 10-K Summary 117 2 Table of Contents Definitions Unless the context otherwise requires, references in this annual report to "Genesis Energy, L.P.," "Genesis," "we," "our," "us," "the Company" or like terms refer to Genesis Energy, L.P. and its operating subsidiaries. As generally used within the energy industry and in this annual report, the identified terms have the following meanings: Bbl or Barrel : One stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons. Bbls/day : Barrels per day. Bcf : Billion cubic feet of gas. CO 2 : Carbon dioxide. DST : Dry short tons (2,000 pounds), a unit of weight measurement. FERC : Federal Energy Regulatory Commission. Gal : Gallon. MBbls : Thousand Bbls. MBbls/day : Thousand Bbls per day. Mcf : Thousand cubic feet of gas. MMBtu : One million British thermal units, an energy measurement. MMcf : Thousand Mcf. MMcf/day : Thousand Mcf per day. NaHS : (commonly pronounced as "nash") Sodium hydrosulfide. NaOH or Caustic Soda : Sodium hydroxide. Natural gas liquid(s) or NGL(s) : The combination of ethane, propane, normal butane, isobutane and natural gasolines that, when removed from natural gas, become liquid under various levels of higher pressure and lower temperature. Sour gas : Natural gas containing more than four parts per million of hydrogen sulfide. Wellhead : The point at which the hydrocarbons and water exit the ground. FORWARD-LOOKING INFORMATION The statements in this Annual Report on Form 10-K that are not historical information may be "forward looking statements" as defined under federal law. All statements, other than historical facts, included in this document that address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as plans for growth of the business, future capital expenditures, competitive strengths, goals, references to future goals or intention

Business

Item 1. Business General We are a growth-oriented master limited partnership ("MLP") formed in Delaware in 1996. Our common units are traded on the New York Stock Exchange, or NYSE, under the ticker symbol "GEL." We are (i) a provider of an integrated suite of midstream services (primarily transportation, storage, sulfur removal, blending, terminaling and processing) for a large area of the Gulf of Mexico and the Gulf Coast region of the crude oil and natural gas industry and (ii) one of the leading producers in the world of natural soda ash. 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, refinery-related plants, storage tanks and terminals, railcars, barges and other vessels, and trucks. The other core focus of our business is our trona and trona-based exploring, mining, processing, producing, marketing, logistics and selling business based in Wyoming (our "Alkali Business"). Our Alkali Business mines and processes trona from which it produces natural soda ash, also known as sodium carbonate (Na 2 CO 3 ), a basic building block for a number of ubiquitous products, including flat glass, container glass, dry detergent, lithium hydroxide and lithium carbonate (which are key inputs in the production of lithium batteries) and a variety of chemicals and other industrial products, and has been operating for approximately 75 years. We currently manage our businesses through four divisions that constitute our reportable segments: offshore pipeline transportation, soda and sulfur services, marine transportation and onshore facilities and transportation. For additional information, please review the section entitled "Financial Measures." Our operations include, among others, the following diversified businesses, each of which is one of the leaders in its market, has a long commercial life a

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View this 10-K filing on SEC EDGAR