Genesis Energy LP Files Q2 2024 10-Q
Ticker: GEL · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 1022321
Sentiment: neutral
Topics: 10-Q, financials, energy, pipeline
TL;DR
GENESIS ENERGY LP Q2 10-Q FILED - FINANCIALS OUT
AI Summary
Genesis Energy LP filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Specific financial figures and segment revenues, such as those from the Offshore Pipeline Transportation Segment, are presented within the report.
Why It Matters
This filing provides investors with the latest financial health and operational status of Genesis Energy LP, crucial for understanding its performance and future prospects.
Risk Assessment
Risk Level: medium — The filing contains standard financial disclosures for a publicly traded company, which inherently carry market and operational risks.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 2024-01-01 — Reporting Period Start Date (Indicates the start of the financial quarter being reported.)
- 2024-08-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- GENESIS ENERGY LP (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240801 (date) — Filing date
- 811 LOUISIANA ST, SUITE 1200 (address) — Company's business and mailing address
- HOUSTON (location) — City of company's address
- TX (location) — State of company's address
- 77002 (zip_code) — Zip code of company's address
- 7138602500 (phone_number) — Company's business phone number
FAQ
What is the primary business of Genesis Energy LP?
Genesis Energy LP is primarily involved in pipelines, specifically categorized under 'PIPE LINES (NO NATURAL GAS)' with SIC code 4610.
What is the fiscal year end for Genesis Energy LP?
The fiscal year end for Genesis Energy LP is December 31 (1231).
What is the SEC file number for Genesis Energy LP?
The SEC file number for Genesis Energy LP is 001-12295.
What is the reporting period for this 10-Q filing?
The conforming period of report for this 10-Q filing is June 30, 2024.
What is the state of incorporation for Genesis Energy LP?
Genesis Energy LP is incorporated in Delaware (DE).
Filing Stats: 4,524 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-08-01 12:25:30
Filing Documents
- gel-20240630.htm (10-Q) — 1823KB
- a70ex101-genesisxseventhar.htm (EX-10.1) — 1311KB
- a30exhibit311_gel6302024.htm (EX-31.1) — 10KB
- a40exhibit312_gel6302024.htm (EX-31.2) — 10KB
- a50exhibit32_gel6302024.htm (EX-32) — 9KB
- a60exhibit95_gel6302024.htm (EX-95) — 22KB
- 0001022321-24-000072.txt ( ) — 10854KB
- gel-20240630.xsd (EX-101.SCH) — 63KB
- gel-20240630_cal.xml (EX-101.CAL) — 78KB
- gel-20240630_def.xml (EX-101.DEF) — 427KB
- gel-20240630_lab.xml (EX-101.LAB) — 635KB
- gel-20240630_pre.xml (EX-101.PRE) — 556KB
- gel-20240630_htm.xml (XML) — 1467KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of June 3 0 , 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 12 6. Inventories 13 7. Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations 13 8. Equity Investees 14 9. Intangible Assets 15 10. Debt 15 11. Partners' Capital, Mezzanine Capital and Distributions 17 12. Net Income (Loss) Per Common Unit 19 13. Business Segment Information 20 14. Transactions with Related Parties 22 15. Supplemental Cash Flow Information 23 16. Derivatives 23 17. Fair-Value Measurements 27 18. Commitments and Contingencies 28 1 9 . Subsequent Events 28
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 29
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 52
Controls and Procedures
Item 4. Controls and Procedures 52
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 53
Risk Factors
Item 1A. Risk Factors 53
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53
Defaults upon Senior Securities
Item 3. Defaults upon Senior Securities 53
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 53
Other Information
Item 5. Other Information 53
Exhibits
Item 6. Exhibits 54
SIGNATURES
SIGNATURES 55 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 13,695 $ 9,234 Restricted cash 18,804 18,804 Accounts receivable - trade, net 687,985 759,547 Inventories 106,327 135,231 Other 38,805 41,234 Total current assets 865,616 964,050 FIXED ASSETS, at cost 6,665,271 6,500,897 Less: Accumulated depreciation ( 2,090,138 ) ( 1,972,596 ) Net fixed assets 4,575,133 4,528,301 MINERAL LEASEHOLDS, net of accumulated depletion 538,034 540,520 EQUITY INVESTEES 252,142 263,829 INTANGIBLE ASSETS, net of amortization 141,748 141,537 GOODWILL 301,959 301,959 RIGHT OF USE ASSETS, net 231,710 240,341 OTHER ASSETS, net of amortization 44,960 38,241 TOTAL ASSETS $ 6,951,302 $ 7,018,778 LIABILITIES AND CAPITAL CURRENT LIABILITIES: Accounts payable - trade $ 418,666 $ 588,924 Accrued liabilities 375,254 378,523 Total current liabilities 793,920 967,447 SENIOR SECURED CREDIT FACILITY 134,800 298,300 SENIOR UNSECURED NOTES, net of debt issuance costs, discount and premium 3,416,804 3,062,955 ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount 385,443 391,592 DEFERRED TAX LIABILITIES 17,497 17,510 OTHER LONG-TERM LIABILITIES 557,857 570,197 Total liabilities 5,306,321 5,308,001 MEZZANINE CAPITAL: Class A Convertible Preferred Units, 23,111,918 issued and outstanding at June 30, 2024 and December 31, 2023, respectively 813,589 813,589 PARTNERS' CAPITAL: Common unitholders, 122,464,318 units issued and outstanding at June 30, 2024 and December 31, 2023, respectively 428,812 519,698 Accumulated other comprehensive income 8,200 8,040 Noncontrolling interests 394,380 369,450 Total partners' capital 831,392 897,188 TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS' CAPITAL $ 6,951,302 $ 7,018,778 The accompanying notes are an integral part of these Unaudited Condensed Consoli