Genesis Energy LP Files Q3 2024 10-Q
Ticker: GEL · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 1022321
Sentiment: neutral
Topics: 10-Q, energy, pipelines, financials
TL;DR
GENESIS ENERGY LP Q3 10-Q FILED - FINANCIALS OUT FOR PIPELINE GIANT
AI Summary
Genesis Energy LP filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates in the energy and transportation sector, specifically pipelines. Key financial figures and segment revenues are presented for the third quarter and the year-to-date period.
Why It Matters
This filing provides investors and analysts with the latest financial results and operational data for Genesis Energy LP, crucial for understanding the company's performance and future outlook in the pipeline industry.
Risk Assessment
Risk Level: medium — As a publicly traded energy company, Genesis Energy LP is subject to market volatility, regulatory changes, and operational risks inherent in the pipeline industry.
Key Numbers
- N/A — Total Revenue (Specific revenue figures for Q3 and YTD are not directly extracted in this snippet, but the filing would contain them.)
- N/A — Net Income (Specific net income figures are not directly extracted in this snippet, but the filing would contain them.)
- N/A — Operating Expenses (Specific operating expense figures are not directly extracted in this snippet, but the filing would contain them.)
Key Players & Entities
- GENESIS ENERGY LP (company) — Filer of the 10-Q
- 811 LOUISIANA ST, SUITE 1200 (location) — Business and mailing address
- HOUSTON, TX 77002 (location) — City, State, and Zip Code of business address
- 7138602500 (phone_number) — Business phone number
- 20240930 (date) — Conformed period of report
- 20241031 (date) — Filed as of date
FAQ
What were the total revenues for the Offshore Pipeline Transportation Segment in Q3 2024?
The filing indicates revenue data for the Offshore Pipeline Transportation Segment for the periods July 1, 2024 - September 30, 2024, and July 1, 2023 - September 30, 2023, but the specific dollar amounts are not provided in this header snippet.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
What is the SEC file number for Genesis Energy LP?
The SEC file number is 001-12295.
What is the SIC code for Genesis Energy LP?
The Standard Industrial Classification (SIC) code is 4610 for PIPE LINES (NO NATURAL GAS).
What are the key dates associated with this 10-Q filing?
The conformed period of report is September 30, 2024, and the filed as of date is October 31, 2024.
Filing Stats: 4,503 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-10-31 12:49:14
Filing Documents
- gel-20240930.htm (10-Q) — 1826KB
- a30exhibit311_gel9302024.htm (EX-31.1) — 10KB
- a40exhibit312_gel9302024.htm (EX-31.2) — 10KB
- a50exhibit32_gel9302024.htm (EX-32) — 9KB
- a60exhibit95_gel9302024.htm (EX-95) — 22KB
- 0001022321-24-000095.txt ( ) — 9293KB
- gel-20240930.xsd (EX-101.SCH) — 62KB
- gel-20240930_cal.xml (EX-101.CAL) — 79KB
- gel-20240930_def.xml (EX-101.DEF) — 406KB
- gel-20240930_lab.xml (EX-101.LAB) — 627KB
- gel-20240930_pre.xml (EX-101.PRE) — 534KB
- gel-20240930_htm.xml (XML) — 1516KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 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
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) September 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 12,964 $ 9,234 Restricted cash 18,804 18,804 Accounts receivable - trade, net 745,608 759,547 Inventories 110,687 135,231 Other 37,286 41,234 Total current assets 925,349 964,050 FIXED ASSETS, at cost 6,775,786 6,500,897 Less: Accumulated depreciation ( 2,143,320 ) ( 1,972,596 ) Net fixed assets 4,632,466 4,528,301 MINERAL LEASEHOLDS, net of accumulated depletion 536,922 540,520 EQUITY INVESTEES 245,288 263,829 INTANGIBLE ASSETS, net of amortization 142,071 141,537 GOODWILL 301,959 301,959 RIGHT OF USE ASSETS, net 225,389 240,341 OTHER ASSETS, net of amortization 49,187 38,241 TOTAL ASSETS $ 7,058,631 $ 7,018,778 LIABILITIES AND CAPITAL CURRENT LIABILITIES: Accounts payable - trade $ 538,980 $ 588,924 Accrued liabilities 358,055 378,523 Total current liabilities 897,035 967,447 SENIOR SECURED CREDIT FACILITY 207,600 298,300 SENIOR UNSECURED NOTES, net of debt issuance costs, discount and premium 3,419,025 3,062,955 ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount 382,391 391,592 DEFERRED TAX LIABILITIES 16,318 17,510 OTHER LONG-TERM LIABILITIES 541,874 570,197 Total liabilities 5,464,243 5,308,001 MEZZANINE CAPITAL: Class A Convertible Preferred Units, 23,111,918 issued and outstanding at September 30, 2024 and December 31, 2023, respectively 813,589 813,589 PARTNERS' CAPITAL: Common unitholders, 122,464,318 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively 371,371 519,698 Accumulated other comprehensive income 8,310 8,040 Noncontrolling interests 401,118 369,450 Total partners' capital 780,799 897,188 TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS' CAPITAL $ 7,058,631 $ 7,018,778 The accompanying notes are an integral part of these Unaudited Co