Genesis Energy LP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Genesis Energy LP filed its Q1 2024 10-Q, detailing segment revenues and balance sheet changes.</b>

AI Summary

GENESIS ENERGY LP (GEL) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Genesis Energy LP reported financial results for the quarter ended March 31, 2024. The filing includes data for the Offshore Pipeline Transportation Segment, Sodium Minerals and Sulfur Services Segment, Marine Transportation Segment, and Onshore Facilities and Transportation Segment. Key financial statement items such as revenue, net income, and EPS are detailed for the reporting period. Balance sheet information including debt and equity is presented as of March 31, 2024, and December 31, 2023. The filing references specific debt instruments, including the 'Five Point Eight Seven Five Percentage Senior Secured Note'.

Why It Matters

For investors and stakeholders tracking GENESIS ENERGY LP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial performance and position of Genesis Energy LP, crucial for assessing operational trends and financial health. Understanding the segment-specific revenues and balance sheet figures allows for a deeper analysis of the company's business mix and leverage.

Risk Assessment

Risk Level: medium — GENESIS ENERGY LP shows moderate risk based on this filing. The company operates in segments like offshore pipelines and marine transportation, which are subject to commodity price fluctuations and regulatory changes, as indicated by the nature of its business and the need for detailed segment reporting.

Analyst Insight

Review the segment revenue trends and debt levels to assess the company's financial stability and growth prospects.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 12/31 — Fiscal Year End (FISCAL YEAR END)
• 6.5 — Percentage (Percentage Senior Secured Note)

Key Players & Entities

• GENESIS ENERGY LP (company) — FILER
• 811 LOUISIANA ST, SUITE 1200 (address) — BUSINESS ADDRESS
• HOUSTON (location) — BUSINESS ADDRESS CITY
• TX (state) — BUSINESS ADDRESS STATE
• 77002 (zip_code) — BUSINESS ADDRESS ZIP
• PIPE LINES (NO NATURAL GAS) (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Risk Factors

• Debt and Equity Structure [medium — financial]: The company's financial structure includes various classes of stock and debt, with specific notes like the 'Five Point Eight Seven Five Percentage Senior Secured Note' noted.
• Segment Performance [medium — market]: The company operates across multiple segments including offshore pipelines, sodium minerals, marine transportation, and onshore facilities, each subject to market dynamics.

Filing Documents

• gel-20240331.htm (10-Q) — 1425KB
• a30exhibit311_gel3312024.htm (EX-31.1) — 10KB
• a40exhibit312_gel3312024.htm (EX-31.2) — 10KB
• a50exhibit32_gel3312024.htm (EX-32) — 8KB
• a60exhibit95_gel3312024.htm (EX-95) — 22KB
• 0001022321-24-000051.txt (&nbsp;) — 8159KB
• gel-20240331.xsd (EX-101.SCH) — 61KB
• gel-20240331_cal.xml (EX-101.CAL) — 78KB
• gel-20240331_def.xml (EX-101.DEF) — 392KB
• gel-20240331_lab.xml (EX-101.LAB) — 615KB
• gel-20240331_pre.xml (EX-101.PRE) — 516KB
• gel-20240331_htm.xml (XML) — 1219KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 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. Business Consolidation 10 5. Lease Accounting 11 6. Inventories 12 7. Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations 13 8. Equity Investees 14 9. Intangible Assets 14 10. Debt 15 11. Partners' Capital, Mezzanine Capital and Distributions 16 12. Net Income (Loss) Per Common Unit 18 13. Business Segment Information 19 14. Transactions with Related Parties 20 15. Supplemental Cash Flow Information 21 16. Derivatives 21 17. Fair-Value Measurements 25 18. Commitments and Contingencies 26

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 49

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 49

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 50

SIGNATURES

SIGNATURES 51 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GENESIS ENERGY, L.P. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except units) March 31, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 7,047 $ 9,234 Restricted cash 27,804 18,804 Accounts receivable - trade, net 668,744 759,547 Inventories 126,645 135,231 Other 49,612 41,234 Total current assets 879,852 964,050 FIXED ASSETS, at cost 6,581,652 6,500,897 Less: Accumulated depreciation ( 2,034,076 ) ( 1,972,596 ) Net fixed assets 4,547,576 4,528,301 MINERAL LEASEHOLDS, net of accumulated depletion 539,374 540,520 EQUITY INVESTEES 257,021 263,829 INTANGIBLE ASSETS, net of amortization 141,617 141,537 GOODWILL 301,959 301,959 RIGHT OF USE ASSETS, net 238,513 240,341 OTHER ASSETS, net of amortization 39,346 38,241 TOTAL ASSETS $ 6,945,258 $ 7,018,778 LIABILITIES AND CAPITAL CURRENT LIABILITIES: Accounts payable - trade $ 473,263 $ 588,924 Accrued liabilities 361,818 378,523 Total current liabilities 835,081 967,447 SENIOR SECURED CREDIT FACILITY 383,200 298,300 SENIOR UNSECURED NOTES, net of debt issuance costs, discount and premium 3,064,971 3,062,955 ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount 388,451 391,592 DEFERRED TAX LIABILITIES 18,019 17,510 OTHER LONG-TERM LIABILITIES 567,094 570,197 Total liabilities 5,256,816 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 income 8,120 8,040 Noncontrolling interests 375,946 369,450 Total partners' capital 874,853 897,188 TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS' CAPITAL $ 6,945,258 $ 7,018,778 The accompanying notes are an integral part of these Unaudited Condensed Conso

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