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| Offshore crude oil pipelines | Operator | System Miles | Design Capacity (Bbls/day)(1) | Interest Owned | Throughput (Bbls/day) 100% basis(1) | Throughput (Bbls/day) net to ownership interest | ||||||||||||||||||||||||||||||||
| Main Lines | ||||||||||||||||||||||||||||||||||||||
| CHOPS Pipeline | Genesis | 380 | 500,000 | 64 | % | 207,008 | 132,485 | |||||||||||||||||||||||||||||||
| Poseidon Pipeline | Genesis | 332 | 490,000 | 64 | % | 257,444 | 164,764 | |||||||||||||||||||||||||||||||
| Odyssey Pipeline | Shell Pipeline | 120 | 200,000 | 29 | % | 84,682 | 24,558 | |||||||||||||||||||||||||||||||
| Eugene Island Pipeline and Other | Genesis/Shell Pipeline | 184 | 39,000 | 29 | % | 6,964 | 6,964 | |||||||||||||||||||||||||||||||
| Total | 1,016 | 1,229,000 | 556,098 | 328,771 | ||||||||||||||||||||||||||||||||||
Lateral Lines(2) | ||||||||||||||||||||||||||||||||||||||
| SEKCO Pipeline | Genesis | 149 | 115,000 | 100 | % | |||||||||||||||||||||||||||||||||
| Shenzi Crude Oil Pipeline | Genesis | 83 | 230,000 | 100 | % | |||||||||||||||||||||||||||||||||
| Allegheny Crude Oil Pipeline | Genesis | 40 | 140,000 | 100 | % | |||||||||||||||||||||||||||||||||
| Marco Polo Crude Oil Pipeline | Genesis | 37 | 120,000 | 100 | % | |||||||||||||||||||||||||||||||||
| Constitution Crude Oil Pipeline | Genesis | 67 | 80,000 | 100 | % | |||||||||||||||||||||||||||||||||
| Tarantula | Genesis | 4 | 30,000 | 100 | % | |||||||||||||||||||||||||||||||||
| Offshore natural gas pipelines | Operator | System Miles | Design Capacity (MMcf/day)(1) | Interest Owned | ||||||||||||||||||||||
| High Island Offshore System | Genesis | 238 | 500 | 100 | % | |||||||||||||||||||||
| Anaconda Gathering System | Genesis | 183 | 300 | 100 | % | |||||||||||||||||||||
| Green Canyon Laterals | Genesis | 5 | 108 | 100% | ||||||||||||||||||||||
| Manta Ray Offshore Gathering System | Enbridge | 237 | 800 | 25.7 | % | |||||||||||||||||||||
| Nautilus System | Enbridge | 101 | 600 | 25.7 | % | |||||||||||||||||||||
| Total | 764 | 2,308 | ||||||||||||||||||||||||
| Offshore hub platform | Operator | Water Depth (Feet) | Natural Gas Capacity (MMcf/day)(1) | Crude Oil Capacity (Bbls/day)(1) | Interest Owned | |||||||||||||||||||||||||||
Marco Polo | Occidental | 4,300 | 300 | 120,000 | 100 | % | ||||||||||||||||||||||||||
| East Cameron 373 | Genesis | 441 | 195 | 3,000 | 100 | % | ||||||||||||||||||||||||||
| Total | 495 | 123,000 | ||||||||||||||||||||||||||||||
| Texas System | Jay System | Mississippi System | Louisiana System | ||||||||||||||||||||
| Product | Crude Oil | Crude Oil | Crude Oil | Crude Oil, Intermediates, and Refined Products | |||||||||||||||||||
| Interest Owned | 100% | 100% | 100% | 100% | |||||||||||||||||||
| Design Capacity (Bbls/day) | Existing 8" - 60,000 Looped 18" - 275,000 | 150,000 | 45,000 | 350,000 | |||||||||||||||||||
| 2022 Throughput (Bbls/day) | 90,562 | 6,601 | 5,725 | 94,389 | |||||||||||||||||||
| System Miles | 47 | 143 | 207 | 51 | |||||||||||||||||||
Approximate owned tankage storage capacity (Bbls) | 1,100,000 | 230,000 | 247,500 | 330,000 | |||||||||||||||||||
| Location | Hastings Junction, TX to Webster, TX Texas City, TX to Webster, TX | Southern AL/FL to Mobile, AL | Soso, MS to Liberty, MS | Port Hudson, LA to Baton Rouge, LA Baton Rouge, LA to Port Allen, LA | |||||||||||||||||||
| Rate Regulated | FERC/TXRRC | FERC | FERC | FERC | |||||||||||||||||||
| Inland | Offshore | American Phoenix | |||||||||||||||
| Aggregate Fleet Design Capacity (MBbls) | 2,285 | 884 | 330 | ||||||||||||||
Individual Vessel Capacity Range (MBbls)(1) | 23-39 | 65-135 | 330 | ||||||||||||||
| Number of: | |||||||||||||||||
| Push/Tug Boats | 33 | 9 | — | ||||||||||||||
| Barges | 82 | 9 | — | ||||||||||||||
| Product Tankers | — | — | 1 | ||||||||||||||


Area by lessor (acres) | ||||||||||||||||||||||||||
| Contiguous leases | Non-contiguous leases | |||||||||||||||||||||||||
| Location | Granger | Westvaco | Granger | Remaining | ||||||||||||||||||||||
| Federal | 4,236 | 19,699 | — | 320 | ||||||||||||||||||||||
| State | 1,280 | 6,403 | 640 | 13,280 | ||||||||||||||||||||||
| Sweetwater | 8,320 | 27,379 | 4,480 | — | ||||||||||||||||||||||
| Total Area | 13,836 | 53,481 | 5,120 | 13,600 | ||||||||||||||||||||||




| Year ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Total (in thousands of tons) | 3,635 | 3,483 | 3,206 | |||||||||||||||||
| Area | Resource Category(1) | Million short tons (dry weight) | Grade (% Trona)(2) | |||||||||||||||||
| Granger Contiguous Leases | Measured | 617 | 84 | |||||||||||||||||
| Indicated | 145 | 89 | ||||||||||||||||||
| Measured + Indicated | 762 | 85 | ||||||||||||||||||
| Westvaco Contiguous Lease Area | Measured | 1,067 | 88 | |||||||||||||||||
| Indicated | 158 | 84 | ||||||||||||||||||
| Measured + Indicated | 1,225 | 87 | ||||||||||||||||||
| Inferred | 4 | 80 | ||||||||||||||||||
| Granger Non-Contiguous Leases | Measured | 87 | 85 | |||||||||||||||||
| Indicated | 60 | 84 | ||||||||||||||||||
| Measured + Indicated | 147 | 85 | ||||||||||||||||||
| Inferred | 3 | 84 | ||||||||||||||||||
| Total | Measured + Indicated | 2,134 | 86 | |||||||||||||||||
| Total | Measured + Indicated + Inferred | 2,141 | 86 | |||||||||||||||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
| Reserve Area/Type | Resource Category | Million short tons (dry weight)(1) | Grade (% Trona)(5) | Million short tons (dry weight)(1) | Grade (% Trona)(5) | |||||||||||||||||||||||||||
| Westvaco dry extraction | Proven(2) | 252 | 88 | 257 | 88 | |||||||||||||||||||||||||||
Probable(2) | 179 | 88 | 179 | 88 | ||||||||||||||||||||||||||||
Total Reserves(3) | 431 | 88 | 436 | 88 | ||||||||||||||||||||||||||||
| Westvaco solution mining | Proven(2) | — | — | |||||||||||||||||||||||||||||
Probable(2) | 369 | 88 | 371 | 88 | ||||||||||||||||||||||||||||
Total Reserves(4) | 369 | 88 | 371 | 88 | ||||||||||||||||||||||||||||
| Granger solution mining | Proven(2) | — | — | |||||||||||||||||||||||||||||
Probable(2) | 72 | 85 | 72 | 85 | ||||||||||||||||||||||||||||
Total Reserves(4) | 72 | 85 | 72 | 85 | ||||||||||||||||||||||||||||
| Total solution mining | Total Reserves(4) | 441 | 88 | 443 | 88 | |||||||||||||||||||||||||||
| Total dry extraction and solution mining | Total Reserves | 872 | 87 | 879 | 87 | |||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Offshore pipeline transportation | $ | 363,373 | $ | 317,560 | $ | 270,078 | ||||||||||||||
| Sodium minerals and sulfur services | 306,718 | 166,773 | 130,083 | |||||||||||||||||
| Onshore facilities and transportation | 33,755 | 98,824 | 147,254 | |||||||||||||||||
| Marine transportation | 66,209 | 34,572 | 60,058 | |||||||||||||||||
| Total Segment Margin | $ | 770,055 | $ | 617,729 | $ | 607,473 | ||||||||||||||
| Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (in thousands) | ||||||||||||||
| Offshore crude oil pipeline revenue, net to our ownership interest and excluding non-cash revenues | $ | 287,318 | $ | 264,690 | ||||||||||
| Offshore natural gas pipeline revenue, excluding non-cash revenues | 46,660 | 41,776 | ||||||||||||
| Offshore pipeline operating costs, net to our ownership interest and excluding non-cash expenses | (75,811) | (71,812) | ||||||||||||
Distributions from equity investments(1) | 73,206 | 82,906 | ||||||||||||
Distributions from unrestricted subsidiaries(2) | 32,000 | — | ||||||||||||
| Offshore pipeline transportation Segment Margin | $ | 363,373 | $ | 317,560 | ||||||||||
| Volumetric Data 100% basis: | ||||||||||||||
| Crude oil pipelines (average Bbls/day unless otherwise noted): | ||||||||||||||
| CHOPS | 207,008 | 189,904 | ||||||||||||
| Poseidon | 257,444 | 263,169 | ||||||||||||
| Odyssey | 84,682 | 114,128 | ||||||||||||
GOPL(3) | 6,964 | 7,826 | ||||||||||||
| Total crude oil offshore pipelines | 556,098 | 575,027 | ||||||||||||
| Natural gas transportation volumes (MMBtus/day) | 343,347 | 345,870 | ||||||||||||
Volumetric Data net to our ownership interest(4): | ||||||||||||||
| Crude oil pipelines (average Bbls/day unless otherwise noted): | ||||||||||||||
CHOPS(5) | 132,485 | 180,173 | ||||||||||||
| Poseidon | 164,764 | 168,428 | ||||||||||||
| Odyssey | 24,558 | 33,097 | ||||||||||||
GOPL(3) | 6,964 | 7,826 | ||||||||||||
| Total crude oil offshore pipelines | 328,771 | 389,524 | ||||||||||||
| Natural gas transportation volumes (MMBtus/day) | 108,908 | 107,417 | ||||||||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Volumes sold : | |||||||||||
| NaHS volumes (Dry short tons “DST”) | 128,851 | 114,292 | |||||||||
| Soda Ash volumes (short tons sold) | 3,096,494 | 2,994,507 | |||||||||
| NaOH (caustic soda) volumes (DST sold) | 90,876 | 84,278 | |||||||||
| Revenues (in thousands): | |||||||||||
| NaHS revenues, excluding non-cash revenues | $ | 183,966 | $ | 128,959 | |||||||
| NaOH (caustic soda) revenues | 74,284 | 42,182 | |||||||||
| Revenues associated with our Alkali Business | 896,125 | 696,117 | |||||||||
| Other revenues | 8,226 | 4,728 | |||||||||
Total segment revenues, excluding non-cash revenues(1) | $ | 1,162,601 | $ | 871,986 | |||||||
Sodium minerals and sulfur services operating costs, excluding non-cash items(1) | (855,883) | (705,213) | |||||||||
| Segment Margin (in thousands) | $ | 306,718 | $ | 166,773 | |||||||
Average index price for NaOH per DST(2) | $ | 1,118 | $ | 787 | |||||||
| Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (in thousands) | ||||||||||||||
| Gathering, marketing, and logistics revenue | $ | 890,719 | $ | 651,097 | ||||||||||
Crude oil and CO2 pipeline tariffs and revenues | 31,822 | 35,303 | ||||||||||||
Distributions from unrestricted subsidiaries not included in income(1) | — | 70,000 | ||||||||||||
Crude oil and products costs, excluding unrealized gains and losses from derivative transactions | (828,933) | (584,880) | ||||||||||||
Operating costs, excluding non-cash charges for long-term incentive compensation and other non-cash expenses | (66,400) | (60,992) | ||||||||||||
| Other | 6,547 | (11,704) | ||||||||||||
| Segment Margin | $ | 33,755 | $ | 98,824 | ||||||||||
| Volumetric Data (average Bbls/day unless otherwise noted): | ||||||||||||||
| Onshore crude oil pipelines: | ||||||||||||||
| Texas | 90,562 | 65,918 | ||||||||||||
| Jay | 6,601 | 7,941 | ||||||||||||
| Mississippi | 5,725 | 5,206 | ||||||||||||
Louisiana(2) | 94,389 | 99,927 | ||||||||||||
| Onshore crude oil pipelines total | 197,277 | 178,992 | ||||||||||||
| Total crude oil and petroleum products sales | 24,643 | 24,239 | ||||||||||||
Rail unload volumes(3) | 10,834 | 11,782 | ||||||||||||
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Revenues (in thousands): | |||||||||||
| Inland freight revenues | $ | 105,583 | $ | 73,465 | |||||||
| Offshore freight revenues | 87,587 | 68,703 | |||||||||
Other rebill revenues(1) | 100,125 | 48,659 | |||||||||
| Total segment revenues | $ | 293,295 | $ | 190,827 | |||||||
Operating costs, excluding non-cash charges for long-term incentive compensation and other non-cash expenses(1) | $ | 227,086 | $ | 156,255 | |||||||
| Segment Margin (in thousands) | $ | 66,209 | $ | 34,572 | |||||||
Fleet Utilization:(2) | |||||||||||
| Inland Barge Utilization | 98.6 | % | 81.9 | % | |||||||
| Offshore Barge Utilization | 96.9 | % | 95.9 | % | |||||||
| Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (in thousands) | ||||||||||||||
| General and administrative expenses not separately identified below: | ||||||||||||||
| Corporate | $ | 47,306 | $ | 43,329 | ||||||||||
| Segment | 3,674 | 4,162 | ||||||||||||
| Long-term incentive based compensation plan expense | 8,279 | 4,748 | ||||||||||||
| Third-party costs related to business development activities and growth projects | 7,339 | 8,946 | ||||||||||||
| Total general and administrative expenses | $ | 66,598 | $ | 61,185 | ||||||||||
| Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (in thousands) | ||||||||||||||
| Depreciation and depletion expense | $ | 285,302 | $ | 298,953 | ||||||||||
| Amortization expense | 10,903 | 10,793 | ||||||||||||
| Total depreciation, depletion and amortization expense | $ | 296,205 | $ | 309,746 | ||||||||||
| Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (in thousands) | ||||||||||||||
| Interest expense, senior secured credit facility (including commitment fees) | $ | 10,980 | $ | 22,287 | ||||||||||
| Interest expense, Alkali senior secured notes | 15,811 | — | ||||||||||||
| Interest expense, senior unsecured notes | 209,001 | 206,352 | ||||||||||||
| Amortization of debt issuance costs, premium and discount | 8,479 | 9,452 | ||||||||||||
| Capitalized interest | (18,115) | (4,367) | ||||||||||||
| Interest expense, net | $ | 226,156 | $ | 233,724 | ||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | ||||||||||||||||
| I. | Applicable to all Non-GAAP Measures | (in thousands) | |||||||||||||||
Differences in timing of cash receipts for certain contractual arrangements(1) | $ | 51,102 | $ | 15,482 | |||||||||||||
Distributions from unrestricted subsidiaries not included in income(2) | 32,000 | 70,000 | |||||||||||||||
| Certain non-cash items: | |||||||||||||||||
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value(3) | (5,717) | 30,700 | |||||||||||||||
Loss on debt extinguishment(4) | 794 | 1,627 | |||||||||||||||
Adjustment regarding equity investees(5) | 21,199 | 26,207 | |||||||||||||||
| Other | (2,598) | 207 | |||||||||||||||
| Sub-total Select Items, net | 96,780 | 144,223 | |||||||||||||||
| II. | Applicable only to Available Cash before Reserves | ||||||||||||||||
Certain transaction costs(6) | 7,339 | 8,946 | |||||||||||||||
| Other | 2,208 | 1,398 | |||||||||||||||
| Total Select Items, net | $ | 106,327 | $ | 154,567 | |||||||||||||
| Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (in thousands) | ||||||||||||||
| Net income (loss) attributable to Genesis Energy, L.P. | $ | 75,457 | $ | (165,067) | ||||||||||
| Income tax expense | 3,169 | 1,670 | ||||||||||||
| Depreciation, depletion, amortization, and accretion | 307,519 | 315,896 | ||||||||||||
| Gain on sale of assets | (32,000) | — | ||||||||||||
Plus (minus) Select Items, net | 106,327 | 154,567 | ||||||||||||
| Maintenance capital utilized | (57,400) | (53,150) | ||||||||||||
| Cash tax expense | (815) | (690) | ||||||||||||
| Distributions to preferred unitholders | (80,052) | (74,736) | ||||||||||||
Redeemable noncontrolling interest redemption value adjustments(1) | 30,443 | 25,398 | ||||||||||||
| Available Cash before Reserves | $ | 352,648 | $ | 203,888 | ||||||||||
| Interest Rate | Maturity Date | Principal | Estimated Annual Interest Payable | |||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
Senior secured credit facility(1) | Varies | March 15, 2024 | $ | 205,400 | $ | 12,324 | ||||||||||||||||||||
2024 Notes(2)(3) | 5.625% | June 15, 2024 | 341,135 | 19,189 | ||||||||||||||||||||||
2025 Notes(2) | 6.500% | October 1, 2025 | 534,834 | 34,764 | ||||||||||||||||||||||
2026 Notes(2) | 6.250% | May 15, 2026 | 339,310 | 21,207 | ||||||||||||||||||||||
2027 Notes(2) | 8.000% | January 15, 2027 | 981,245 | 78,500 | ||||||||||||||||||||||
2028 Notes(2) | 7.750% | February 1, 2028 | 679,360 | 52,650 | ||||||||||||||||||||||
| Total estimated payments | $ | 3,081,284 | $ | 218,634 | ||||||||||||||||||||||
| Payment Obligations | Estimated Interest Payments | Estimated Principal Payments | ||||||||||||
| 2023 | $ | 24,969 | $ | — | ||||||||||
| 2024 | 24,712 | 11,618 | ||||||||||||
| 2025 | 23,997 | 13,097 | ||||||||||||
| 2026 through 2042 | 227,794 | 400,285 | ||||||||||||
| 2024 Notes | 2025 Notes | 2026 Notes | 2027 Notes | 2028 Notes | ||||||||||||||||||||||||||||
| Redemption right beginning on | June 15, 2019 | October 1, 2020 | February 15, 2021 | January 15, 2024 | February 1, 2023 | |||||||||||||||||||||||||||
| Redemption of up to 35% of the principal amount of notes with the proceeds of an equity offering permitted prior to | June 15, 2019 | October 1, 2020 | February 15, 2021 | January 15, 2024 | February 1, 2023 | |||||||||||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Capital expenditures for fixed and intangible assets: | ||||||||||||||||||||
| Maintenance capital expenditures: | ||||||||||||||||||||
| Offshore pipeline transportation assets | $ | 6,292 | $ | 8,749 | $ | 8,715 | ||||||||||||||
| Sodium mineral and sulfur services assets | 77,918 | 51,241 | 43,744 | |||||||||||||||||
| Marine transportation assets | 39,084 | 34,456 | 31,357 | |||||||||||||||||
| Onshore facilities and transportation assets | 2,928 | 4,476 | 3,644 | |||||||||||||||||
| Information technology systems | 6,317 | 946 | 383 | |||||||||||||||||
| Total maintenance capital expenditures | 132,539 | 99,868 | 87,843 | |||||||||||||||||
Growth capital expenditures: | ||||||||||||||||||||
Offshore pipeline transportation assets(1) | $ | 227,803 | $ | 41,445 | $ | 4,608 | ||||||||||||||
| Sodium minerals and sulfur services assets | 96,600 | 175,877 | 51,767 | |||||||||||||||||
Marine transportation assets | — | — | — | |||||||||||||||||
Onshore facilities and transportation assets | — | 133 | 489 | |||||||||||||||||
| Information technology systems | 9,379 | 8,259 | 6,331 | |||||||||||||||||
| Total growth capital expenditures | 333,782 | 225,714 | 63,195 | |||||||||||||||||
| Total capital expenditures for fixed and intangible assets | 466,321 | 325,582 | 151,038 | |||||||||||||||||
| Capital expenditures related to equity investees | 10,301 | 352 | — | |||||||||||||||||
| Total capital expenditures | $ | 476,622 | $ | 325,934 | $ | 151,038 | ||||||||||||||
| Distribution For | Date Paid | Per Common Unit Amount | Total Amount | Per Preferred Unit Amount | Total Amount | |||||||||||||||||||||||||||
| 2020 | ||||||||||||||||||||||||||||||||
1st Quarter | May 15, 2020 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
2nd Quarter | August 14, 2020 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
3rd Quarter | November 13, 2020 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
4th Quarter | February 12, 2021 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||||||||
1st Quarter | May 14, 2021 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
2nd Quarter | August 13, 2021 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
3rd Quarter | November 12, 2021 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
4th Quarter | February 14, 2022 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
| 2022 | ||||||||||||||||||||||||||||||||
1st Quarter | May 13, 2022 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
2nd Quarter | August 12, 2022 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
3rd Quarter | November 14, 2022 | $ | 0.1500 | $ | 18,387 | $ | 0.7374 | $ | 18,684 | |||||||||||||||||||||||
4th Quarter | February 14, 2023 | (1) | $ | 0.1500 | $ | 18,387 | $ | 0.9473 | $ | 24,000 | ||||||||||||||||||||||
| Balance Sheets | Genesis Energy, L.P. and Guarantor Subsidiaries | ||||
| December 31, 2022 | |||||
| (in thousands) | |||||
| ASSETS: | |||||
| Current assets | $ | 795,381 | |||
| Fixed assets, net | 3,680,119 | ||||
Non-current assets(1) | 869,793 | ||||
LIABILITIES AND CAPITAL:(2) | |||||
| Current liabilities | 498,358 | ||||
| Non-current liabilities | $ | 3,635,959 | |||
| Class A Convertible Preferred Units | 891,909 | ||||
| Statements of Operations | Genesis Energy, L.P. and Guarantor Subsidiaries | ||||
Year Ended December 31, 2022 | |||||
| (in thousands) | |||||
Revenues(3) | $ | 2,638,473 | |||
| Operating costs | 2,443,529 | ||||
| Operating income | 194,944 | ||||
| Net income before income taxes | 29,031 | ||||
Net income(2) | 25,862 | ||||
| Less: Accumulated distributions to Class A Convertible Preferred Units | (80,052) | ||||
| Net loss available to common unitholders | $ | (54,190) | |||
| Unit of Measure for Volume | Contract Volumes (in 000’s) | Unit of Measure for Price | Weighted Average Market Price | Contract Value (in 000’s) | Mark-to Market Change (in 000’s) | Settlement Value (in 000’s) | |||||||||||||||||||||||||||||||||||
| Futures and Swap Contracts | |||||||||||||||||||||||||||||||||||||||||
| Sell (Short) Contracts: | |||||||||||||||||||||||||||||||||||||||||
| Crude Oil | Bbl | 93 | Bbl | $ | 78.31 | $ | 7,282 | $ | 197 | $ | 7,479 | ||||||||||||||||||||||||||||||
| #6 Fuel Oil | Bbl | 25 | Bbl | $ | 56.15 | $ | 1,404 | $ | 95 | $ | 1,499 | ||||||||||||||||||||||||||||||
| Natural Gas | MMBtu | 1,480 | MMBtu | $ | 5.27 | $ | 7,794 | $ | (829) | $ | 6,965 | ||||||||||||||||||||||||||||||
| Buy (Long) Contracts: | |||||||||||||||||||||||||||||||||||||||||
| Crude Oil | Bbl | 90 | Bbl | $ | 76.43 | $ | 6,878 | $ | 348 | $ | 7,226 | ||||||||||||||||||||||||||||||
| Natural Gas Swaps | MMBtu | 9,765 | MMBtu | $ | 0.64 | $ | 6,231 | $ | 32,151 | $ | 38,382 | ||||||||||||||||||||||||||||||
| Natural Gas | MMBtu | 8,060 | MMBtu | $ | 5.36 | $ | 43,185 | $ | (8,809) | $ | 34,376 | ||||||||||||||||||||||||||||||
| Option Contracts | |||||||||||||||||||||||||||||||||||||||||
| Written Contracts: | |||||||||||||||||||||||||||||||||||||||||
| Natural Gas | MMBtu | 1,910 | MMBtu | $ | 0.70 | $ | 1,340 | $ | 559 | $ | 1,899 | ||||||||||||||||||||||||||||||
| Purchased Contracts: | |||||||||||||||||||||||||||||||||||||||||
| Natural Gas | MMBtu | 340 | MMBtu | $ | 0.03 | $ | 9 | $ | (9) | $ | — | ||||||||||||||||||||||||||||||
| Name | Age | Position | ||||||||||||
| Grant E. Sims | 67 | Director, Chairman of the Board, and Chief Executive Officer | ||||||||||||
| Conrad P. Albert | 76 | Director | ||||||||||||
| James E. Davison | 85 | Director | ||||||||||||
| James E. Davison, Jr. | 56 | Director | ||||||||||||
| Sharilyn S. Gasaway | 54 | Director | ||||||||||||
| Kenneth M. Jastrow II | 75 | Director | ||||||||||||
| Jack T. Taylor | 71 | Director | ||||||||||||
| Robert V. Deere | 68 | Chief Financial Officer | ||||||||||||
| Edward T. Flynn | 64 | Executive Vice President | ||||||||||||
| Kristen O. Jesulaitis | 53 | Chief Legal Officer and Senior Vice President | ||||||||||||
| Ryan S. Sims | 39 | Senior Vice President | ||||||||||||
| Garland G. Gaspard | 68 | Senior Vice President | ||||||||||||
| Karen N. Pape | 64 | Senior Vice President and Controller | ||||||||||||
| Richard R. Alexander | 47 | Vice President | ||||||||||||
| William S. Goloway | 62 | Vice President | ||||||||||||
| Chad A. Landry | 59 | Vice President | ||||||||||||
| Long-Term Incentive Cash Grant Value | ||||||||||||||||||||
| Name | 2022 (1) | 2021 (1) | 2020 (2) | |||||||||||||||||
| Grant E. Sims | $ | 4,000,000 | $ | 3,600,000 | $ | — | ||||||||||||||
| Robert V. Deere | 800,000 | 800,000 | — | |||||||||||||||||
| Edward T. Flynn | 1,500,000 | 1,500,000 | — | |||||||||||||||||
| Kristen O. Jesulaitis | 1,000,000 | 650,000 | — | |||||||||||||||||
| Garland G. Gaspard | 750,000 | 600,000 | — | |||||||||||||||||
| Name & Principal Position | Year | Salary ($) | Bonus ($)(2) | Non-equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | ||||||||||||||||||||||||||||||||
| Grant E. Sims | 2022 | $ | 758,461 | $ | 665,000 | $ | 792,000 | $ | 716,488 | $ | 2,931,949 | |||||||||||||||||||||||||||
| Chief Executive Officer | 2021 | 650,000 | 480,000 | 495,360 | 8,154 | 1,633,514 | ||||||||||||||||||||||||||||||||
| (Principal Executive Officer) | 2020 | 650,000 | 480,000 | — | 37,034 | 1,167,034 | ||||||||||||||||||||||||||||||||
| Robert V. Deere | 2022 | 450,000 | 270,000 | 288,000 | 41,704 | 1,049,704 | ||||||||||||||||||||||||||||||||
| Chief Financial Officer | 2021 | 450,000 | 240,000 | 165,120 | 25,554 | 880,674 | ||||||||||||||||||||||||||||||||
| (Principal Financial Officer) | 2020 | 450,000 | 240,000 | — | 46,814 | 736,814 | ||||||||||||||||||||||||||||||||
Edward T. Flynn(1) | 2022 | 500,000 | 850,000 | 240,000 | 37,890 | 1,627,890 | ||||||||||||||||||||||||||||||||
| Executive Vice President | 2021 | 500,000 | 60,000 | 180,000 | 22,637 | 762,637 | ||||||||||||||||||||||||||||||||
| 2020 | 500,000 | 850,000 | — | 27,868 | 1,377,868 | |||||||||||||||||||||||||||||||||
| Kristen O. Jesulaitis | 2022 | 436,154 | 410,000 | 198,000 | 35,896 | 1,080,050 | ||||||||||||||||||||||||||||||||
| Chief Legal Officer and Senior Vice President | 2021 | 400,000 | 300,000 | 109,740 | 15,384 | 825,124 | ||||||||||||||||||||||||||||||||
| 2020 | 400,000 | 318,750 | — | 28,773 | 747,523 | |||||||||||||||||||||||||||||||||
| Garland G. Gaspard | 2022 | 365,307 | 295,000 | 180,000 | 44,754 | 885,061 | ||||||||||||||||||||||||||||||||
| Senior Vice President | 2021 | 340,000 | 240,000 | 123,840 | 25,554 | 729,394 | ||||||||||||||||||||||||||||||||
| 2020 | 340,000 | 390,000 | — | 36,721 | 766,721 | |||||||||||||||||||||||||||||||||
| Name | 401(k) Matching and Profit Sharing Contributions(1) | Insurance Premiums(2) | Totals | |||||||||||||||||
| Grant E. Sims | $ | 15,250 | $ | 701,238 | $ | 716,488 | ||||||||||||||
| Robert V. Deere | 33,550 | 8,154 | 41,704 | |||||||||||||||||
| Edward T. Flynn | 30,500 | 7,390 | 37,890 | |||||||||||||||||
| Kristen O. Jesulaitis | 33,550 | 2,346 | 35,896 | |||||||||||||||||
| Garland G. Gaspard | 36,600 | 8,154 | 44,754 | |||||||||||||||||
| Estimated Future Payouts Under | ||||||||||||||||||||||||||||||||
| Non-Equity Incentive Plan Awards | ||||||||||||||||||||||||||||||||
| Name | Grant Date(1) | Vest Date | Threshold | Target | Maximum | |||||||||||||||||||||||||||
| Grant E. Sims | 4/7/2022 | 4/7/2025 | 2,400,000 | 4,000,000 | 7,200,000 | |||||||||||||||||||||||||||
| Robert V. Deere | 4/7/2022 | 4/7/2025 | 480,000 | 800,000 | 1,440,000 | |||||||||||||||||||||||||||
| Edward T. Flynn | 4/7/2022 | 4/7/2025 | 900,000 | 1,500,000 | 2,700,000 | |||||||||||||||||||||||||||
| Kristen O. Jesulaitis | 4/7/2022 | 4/7/2025 | 600,000 | 1,000,000 | 1,800,000 | |||||||||||||||||||||||||||
| Garland G. Gaspard | 4/7/2022 | 4/7/2025 | 450,000 | 750,000 | 1,350,000 | |||||||||||||||||||||||||||
| Grant E. Sims | $ | 8,320,000 | |||
| Robert V. Deere | 1,760,000 | ||||
| Edward T. Flynn | 3,300,000 | ||||
| Kristen O. Jesulaitis | 1,780,000 | ||||
| Garland G. Gaspard | 1,470,000 | ||||
| Grant E. Sims | Robert V. Deere | Edward T. Flynn | Kristen O. Jesulaitis | Garland G. Gaspard | |||||||||||||||||||||||||
| Cash payment for vested awards under 2018 LTIP granted in 2022 | $ | 7,200,000 | $ | 1,440,000 | $ | 2,700,000 | $ | 1,800,000 | $ | 1,350,000 | |||||||||||||||||||
| Cash payment for vested awards under 2018 LTIP granted in 2021 | 7,200,000 | 1,600,000 | 3,000,000 | 1,300,000 | 1,200,000 | ||||||||||||||||||||||||
| Total | $ | 14,400,000 | $ | 3,040,000 | $ | 5,700,000 | $ | 3,100,000 | $ | 2,550,000 | |||||||||||||||||||
| Name | Fees Earned or Paid in Cash ($)(1) | Stock Awards ($)(2) (3) | All Other Compensation ($)(4) | Total | ||||||||||||||||||||||
| Conrad P. Albert | 109,000 | 115,000 | 21,475 | 245,475 | ||||||||||||||||||||||
| James E. Davison | $ | 100,000 | $ | 110,000 | $ | 20,890 | $ | 230,890 | ||||||||||||||||||
| James E. Davison, Jr. | 100,000 | 110,000 | 20,890 | 230,890 | ||||||||||||||||||||||
| Sharilyn S. Gasaway | 116,500 | 122,500 | 23,469 | 262,469 | ||||||||||||||||||||||
| Kenneth M. Jastrow II | 112,500 | 122,500 | 23,469 | 258,469 | ||||||||||||||||||||||
| Jack T. Taylor | 107,000 | 115,000 | 21,475 | 243,475 | ||||||||||||||||||||||
| Class A Common Units | Class B Common Units | |||||||||||||||||||||||||
| Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | (1) | Percent of Class | Amount and Nature of Beneficial Ownership | Percent of Class | |||||||||||||||||||||
| Conrad P. Albert | 15,000 | * | — | — | ||||||||||||||||||||||
| James E. Davison | 3,738,178 | (2) | 3.1 | % | 9,453 | 23.6 | % | |||||||||||||||||||
| James E. Davison, Jr. | 5,423,932 | (3) | 4.4 | % | 13,648 | 34.1 | % | |||||||||||||||||||
| Sharilyn S. Gasaway | 289,445 | * | 1,081 | 2.7 | % | |||||||||||||||||||||
| Kenneth M. Jastrow II | 150,000 | * | — | — | ||||||||||||||||||||||
| Jack T. Taylor | 32,865 | * | — | — | ||||||||||||||||||||||
| Grant E. Sims | 3,010,000 | (4) | 2.5 | % | 7,087 | 17.7 | % | |||||||||||||||||||
| Robert V. Deere | 829,987 | * | 1,052 | 2.6 | % | |||||||||||||||||||||
| Edward T. Flynn | 120,000 | * | — | — | ||||||||||||||||||||||
| Kristen O. Jesulaitis | 55,000 | * | — | — | ||||||||||||||||||||||
| Ryan S. Sims | 16,300 | * | — | — | ||||||||||||||||||||||
| Garland G. Gaspard | 12,000 | * | — | — | ||||||||||||||||||||||
| Karen N. Pape | 152,131 | * | — | — | ||||||||||||||||||||||
| Richard R. Alexander | 20,245 | (5) | * | — | — | |||||||||||||||||||||
| William S. Goloway | 10,000 | * | — | — | ||||||||||||||||||||||
| Chad A. Landry | 30,000 | (6) | * | — | — | |||||||||||||||||||||
All directors and executive officers as a group (16 in total) | 13,905,083 | 11.3 | % | 32,321 | 80.8 | % | ||||||||||||||||||||
| Steven K. Davison | 2,205,617 | (7) | 1.8 | % | 7,676 | 19.2 | % | |||||||||||||||||||
| Global X Management Company LLC | 6,307,420 | 5.1 | % | — | ||||||||||||||||||||||
| Invesco LTD | 16,209,740 | 13.2 | % | — | ||||||||||||||||||||||
| FMR LLC | 7,400,097 | 6.0 | % | |||||||||||||||||||||||
| ALPS Advisors, Inc. | 16,265,444 | 13.3 | % | — | ||||||||||||||||||||||
| Name and Address of Beneficial Owner | Class A Convertible Preferred Units | |||||||||||||
| Amount and Nature of Beneficial Ownership | Percent of Class (1) | |||||||||||||
GSO Rodeo Holdings LP (2) | 12,668,389 | 50.0 | % | |||||||||||
KKR Rodeo Aggregator L.P.(3) | 12,668,389 | 50.0 | % | |||||||||||
| 2022 | 2021 | |||||||||||||
| (in thousands) | ||||||||||||||
Audit Fees(1) | $ | 3,374 | $ | 3,087 | ||||||||||
All Other Fees(2) | 423 | 3 | ||||||||||||
| Total | $ | 3,797 | $ | 3,090 | ||||||||||
| 3.1 | Certificate of Limited Partnership of Genesis Energy, L.P. (incorporated by reference to Exhibit 3.1 to Amendment No. 2 of the Registration Statement on Form S-1 filed on November 15, 1996, File No. 333-11545). | ||||||||||
| 3.2 | |||||||||||
| 3.3 | |||||||||||
| 3.4 | |||||||||||
| 3.5 | |||||||||||
| 3.6 | |||||||||||
| 3.7 | |||||||||||
| 3.8 | |||||||||||
| 3.9 | |||||||||||
| 3.10 | |||||||||||
| 4.1 | |||||||||||
| 4.2 | |||||||||||
| 4.3 | |||||||||||
| 4.4 | |||||||||||
| 4.5 | |||||||||||
| 4.6 | |||||||||||
| 4.7 | |||||||||||
| * | 95 | ||||||||||
| 96.1 | |||||||||||
| * | 101.INS | XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||
| * | 101.SCH | XBRL Schema Document. | |||||||||
| * | 101.CAL | XBRL Calculation Linkbase Document. | |||||||||
| * | 101.LAB | XBRL Label Linkbase Document. | |||||||||
| * | 101.PRE | XBRL Presentation Linkbase Document. | |||||||||
| * | 101.DEF | XBRL Definition Linkbase Document. | |||||||||
| * | 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||||
| * | Filed herewith | ||||
| + | A management contract or compensation plan or arrangement. | ||||
| GENESIS ENERGY, L.P. | |||||||||||||||||
| (A Delaware Limited Partnership) | |||||||||||||||||
| By: | GENESIS ENERGY, LLC, | ||||||||||||||||
| as General Partner | |||||||||||||||||
| Date: | February 24, 2023 | By: | /s/ GRANT E. SIMS | ||||||||||||||
| Grant E. Sims | |||||||||||||||||
| Chief Executive Officer | |||||||||||||||||
| NAME | TITLE | DATE | ||||||
| (OF GENESIS ENERGY, LLC)* | ||||||||
| /s/ GRANT E. SIMS Grant E. Sims | Chairman of the Board, Director and Chief Executive Officer (Principal Executive Officer) | February 24, 2023 | ||||||
| /s/ ROBERT V. DEERE Robert V. Deere | Chief Financial Officer, (Principal Financial Officer) | February 24, 2023 | ||||||
| /s/ KAREN N. PAPE Karen N. Pape | Senior Vice President and Controller (Principal Accounting Officer) | February 24, 2023 | ||||||
| /s/ CONRAD P. ALBERT Conrad P. Albert | Director | February 24, 2023 | ||||||
| /s/ JAMES E. DAVISON James E. Davison | Director | February 24, 2023 | ||||||
| /s/ JAMES E. DAVISON, JR. James E. Davison, Jr. | Director | February 24, 2023 | ||||||
| /s/ SHARILYN S. GASAWAY Sharilyn S. Gasaway | Director | February 24, 2023 | ||||||
| /s/ KENNETH M. JASTROW, II Kenneth M. Jastrow, II | Director | February 24, 2023 | ||||||
| /s/ JACK T. TAYLOR Jack T. Taylor | Director | February 24, 2023 | ||||||
| * | Genesis Energy, LLC is our general partner. | ||||
| Page | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID: | |||||
| Revenue recognition - Estimation of variable consideration | ||||||||
| Description of the Matter | As described in Note 3 to the consolidated financial statements, the Partnership’s Offshore pipeline transportation segment has certain long-term contracts with customers that include variable consideration that must be estimated at contract inception and re-assessed at each reporting period. Total consideration for these arrangements is recognized as revenue over the performance obligation period, and the difference in timing of revenue recognition and billings results in contract assets and liabilities. As of December 31, 2022, the Partnership has recognized $2.1 million and $64.5 million in current and non-current contract liabilities, respectively, in the consolidated financial statements. Auditing the Partnership’s revenue recognition for these contracts is particularly challenging because the estimate of variable consideration for these contracts involves management’s judgments of volumes that customers are expected to produce and transport over the contract term. Changes in this assumption or a contract modification could have a material effect on the amount of variable consideration recognized as revenue. | |||||||
| How We Addressed the Matter in Our Audit | We tested controls that address the risk of material misstatement relating to the estimation of variable consideration and associated contract assets and liabilities. For example, we tested controls over the completeness and accuracy of volumes transported and billings during the year and management’s review of estimated production over the performance obligation period. To test the Partnership’s estimates of variable consideration, we performed audit procedures that included, among others, evaluating management’s determination of the performance obligations in each arrangement and information used to establish or reassess the estimates including contractual pipeline capacity reserved, historical actual throughput volumes, and third party production forecasts. We tested these assumptions by inspecting contracts, testing completeness and accuracy of production volumes and contract billings, and evaluating information obtained by management from customers and whether the information is consistent with publicly available information. We also performed a retrospective analysis of forecasted production volumes by comparing them to the actual volumes transported, and we performed sensitivity analyses to evaluate the changes in variable consideration that would result from changes in the Partnership’s significant assumptions discussed herein. We also recalculated the Partnership’s revenue recognized for these arrangements and the recorded contract assets and liabilities as of and for the year ended December 31, 2022. | |||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Accounts receivable—trade, net | |||||||||||
| Inventories | |||||||||||
| Other | |||||||||||
| Total current assets | |||||||||||
| FIXED ASSETS, at cost | |||||||||||
| Less: Accumulated depreciation | ( | ( | |||||||||
| Net fixed assets | |||||||||||
| MINERALS LEASEHOLDS, net of accumulated depletion | |||||||||||
| EQUITY INVESTEES | |||||||||||
| INTANGIBLE ASSETS, net of amortization | |||||||||||
| GOODWILL | |||||||||||
| RIGHT OF USE ASSETS, net | |||||||||||
| OTHER ASSETS, net of amortization | |||||||||||
| TOTAL ASSETS | $ | $ | |||||||||
| LIABILITIES AND PARTNERS’ CAPITAL | |||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Accounts payable—trade | $ | $ | |||||||||
| Accrued liabilities | |||||||||||
| Total current liabilities | |||||||||||
| SENIOR SECURED CREDIT FACILITY | |||||||||||
| SENIOR UNSECURED NOTES, net of debt issuance costs and premium | |||||||||||
| ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount | |||||||||||
| DEFERRED TAX LIABILITIES | |||||||||||
| OTHER LONG-TERM LIABILITIES | |||||||||||
| Total liabilities | |||||||||||
| MEZZANINE CAPITAL | |||||||||||
Class A Convertible Preferred Units, | |||||||||||
Redeemable noncontrolling interests, no preferred units issued and outstanding at December 31, 2022 and | |||||||||||
| PARTNERS’ CAPITAL: | |||||||||||
Common unitholders, | |||||||||||
| Accumulated other comprehensive income (loss) | ( | ||||||||||
Noncontrolling interests | |||||||||||
| Total partners' capital | |||||||||||
| TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| REVENUES: | |||||||||||||||||
| Offshore pipeline transportation | $ | $ | $ | ||||||||||||||
| Sodium minerals and sulfur services | |||||||||||||||||
| Onshore facilities and transportation | |||||||||||||||||
| Total revenues | |||||||||||||||||
| COSTS AND EXPENSES: | |||||||||||||||||
| Onshore facilities and transportation product costs | |||||||||||||||||
| Onshore facilities and transportation operating costs | |||||||||||||||||
| Marine transportation operating costs | |||||||||||||||||
| Sodium minerals and sulfur services operating costs | |||||||||||||||||
| Offshore pipeline transportation operating costs | |||||||||||||||||
| General and administrative | |||||||||||||||||
| Depreciation, depletion and amortization | |||||||||||||||||
| Impairment expense | |||||||||||||||||
| Loss (gain) on sale of assets | ( | ||||||||||||||||
| Total costs and expenses | |||||||||||||||||
| OPERATING INCOME (LOSS) | ( | ||||||||||||||||
| Equity in earnings of equity investees | |||||||||||||||||
| Interest expense | ( | ( | ( | ||||||||||||||
| Other expense, net | ( | ( | ( | ||||||||||||||
| Income (loss) from operations before income taxes | ( | ( | |||||||||||||||
| Income tax expense | ( | ( | ( | ||||||||||||||
| NET INCOME (LOSS) | ( | ( | |||||||||||||||
| Net income attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Net income attributable to redeemable noncontrolling interests | ( | ( | ( | ||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P. | $ | $ | ( | $ | ( | ||||||||||||
| Less: Accumulated distributions attributable to Class A Convertible Preferred Units | ( | ( | ( | ||||||||||||||
| NET LOSS AVAILABLE TO COMMON UNITHOLDERS | $ | ( | $ | ( | $ | ( | |||||||||||
| BASIC AND DILUTED NET INCOME (LOSS) PER COMMON UNIT: | |||||||||||||||||
| Basic and Diluted | $ | ( | $ | ( | $ | ( | |||||||||||
| WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | |||||||||||||||||
| Basic and Diluted | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net income (loss) | $ | $ | ( | $ | ( | ||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||
| Decrease (increase) in benefit plan liability | ( | ||||||||||||||||
| Total Comprehensive income (loss) | ( | ( | |||||||||||||||
| Comprehensive income attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Comprehensive income attributable to redeemable noncontrolling interests | ( | ( | ( | ||||||||||||||
| Comprehensive income (loss) attributable to Genesis Energy, L.P. | $ | $ | ( | $ | ( | ||||||||||||
| Number of Common Units | Partners’ Capital | Noncontrolling Interest | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||
| December 31, 2019 | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
| Net income | — | ( | — | ( | |||||||||||||||||||||||||
| Cash distributions to partners | — | ( | — | — | ( | ||||||||||||||||||||||||
| Cash contributions from noncontrolling interests | — | — | — | ||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Distributions to preferred unitholders | — | ( | — | — | ( | ||||||||||||||||||||||||
| December 31, 2020 | ( | ( | |||||||||||||||||||||||||||
| Net income (loss) | — | ( | — | ( | |||||||||||||||||||||||||
| Cash distributions to partners | — | ( | — | — | ( | ||||||||||||||||||||||||
| Sale of noncontrolling interest in subsidiary | — | — | |||||||||||||||||||||||||||
| Cash distributions to noncontrolling interests | — | — | ( | — | ( | ||||||||||||||||||||||||
Cash contributions from noncontrolling interests | — | — | — | ||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Distributions to preferred unitholders | — | ( | — | — | ( | ||||||||||||||||||||||||
| December 31, 2021 | ( | ||||||||||||||||||||||||||||
| Net income | — | — | |||||||||||||||||||||||||||
| Cash distributions to partners | — | ( | — | — | ( | ||||||||||||||||||||||||
| Adjustment to valuation of noncontrolling interest in subsidiary | — | ( | — | — | |||||||||||||||||||||||||
| Cash distributions to noncontrolling interests | — | — | ( | — | ( | ||||||||||||||||||||||||
Cash contributions from noncontrolling interests | — | — | — | ||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Distributions to preferred unitholders | — | ( | — | — | ( | ||||||||||||||||||||||||
| December 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | ( | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities - | |||||||||||||||||
| Depreciation, depletion and amortization | |||||||||||||||||
| Loss (gain) on sale of assets | ( | ||||||||||||||||
| Impairment expense | |||||||||||||||||
| Amortization and write-off of debt issuance costs and premium or discount | |||||||||||||||||
| Amortization of unearned income and initial direct costs on direct financing leases | ( | ||||||||||||||||
| Payments received under previously owned direct financing leases | |||||||||||||||||
| Equity in earnings of investments in equity investees | ( | ( | ( | ||||||||||||||
| Cash distributions of earnings of equity investees | |||||||||||||||||
| Non-cash effect of long-term incentive compensation plans | ( | ||||||||||||||||
| Deferred and other tax liabilities | |||||||||||||||||
| Cancellation of debt income | ( | ( | |||||||||||||||
| Unrealized losses (gains) on derivative transactions | ( | ||||||||||||||||
| Other, net | |||||||||||||||||
| ( | |||||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
| Payments to acquire fixed and intangible assets | ( | ( | ( | ||||||||||||||
Cash distributions received from equity investees—return of investment | |||||||||||||||||
| Investments in equity investees | ( | ( | |||||||||||||||
| Proceeds from asset sales | |||||||||||||||||
| Net cash used in investing activities | ( | ( | ( | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
| Borrowings on senior secured credit facility | |||||||||||||||||
| Repayments on senior secured credit facility | ( | ( | ( | ||||||||||||||
Net proceeds from issuance of Alkali senior secured notes (Note 10) | |||||||||||||||||
| ( | |||||||||||||||||
Proceeds from issuance of senior unsecured notes (Note 10) | |||||||||||||||||
Net proceeds from issuance of preferred units (Note 11) | |||||||||||||||||
Repayment of senior unsecured notes (Note 10) | ( | ( | ( | ||||||||||||||
| Debt issuance costs | ( | ( | ( | ||||||||||||||
| Contributions from noncontrolling interests | |||||||||||||||||
| Distributions to noncontrolling interests | ( | ( | |||||||||||||||
Distributions to Class A Convertible Preferred unitholders (Note 11) | ( | ( | ( | ||||||||||||||
Distributions to common unitholders (Note 11) | ( | ( | ( | ||||||||||||||
| Cash proceeds from the sale of a noncontrolling interest in a subsidiary | |||||||||||||||||
| Other, net | ( | ( | |||||||||||||||
| Net cash provided by (used in) financing activities | ( | ( | |||||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ( | |||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period | |||||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | $ | $ | ||||||||||||||
| Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
| Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Marine Transportation | Onshore Facilities & Transportation | Consolidated | |||||||||||||||||||||||||
| Fee-based revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Product Sales | |||||||||||||||||||||||||||||
| Refinery Services | |||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | |||||||||||||||||||||||||
| Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
| Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Marine Transportation | Onshore Facilities & Transportation | Consolidated | |||||||||||||||||||||||||
| Fee-based revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Product Sales | |||||||||||||||||||||||||||||
| Refinery Services | |||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | |||||||||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
| Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Marine Transportation | Onshore Facilities & Transportation | Consolidated | |||||||||||||||||||||||||
| Fee-based revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Product Sales | |||||||||||||||||||||||||||||
| Refinery Services | |||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | |||||||||||||||||||||||||
| Contract Assets | Contract Liabilities | ||||||||||||||||
| Current Assets- Other | Accrued Liabilities | Other Long-Term Liabilities | |||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ||||||||||||||
Balance at December 31, 2022 | |||||||||||||||||
| Offshore Pipeline Transportation | Onshore Facilities and Transportation | ||||||||||
| 2023 | $ | $ | |||||||||
| 2024 | |||||||||||
| 2025 | |||||||||||
| 2026 | |||||||||||
| 2027 | |||||||||||
| Thereafter | |||||||||||
| Total | $ | $ | |||||||||
| Leases | Classification | Financial Statement Caption | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Transportation Equipment | Right of Use Assets, net | $ | $ | |||||||||||||||||||||||
| Office Space & Equipment | Right of Use Assets, net | |||||||||||||||||||||||||
| Facilities and Equipment | Right of Use Assets, net | |||||||||||||||||||||||||
| Total Right of Use Assets, net | $ | $ | ||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Current | ||||||||||||||||||||||||||
| Non-Current | ||||||||||||||||||||||||||
| Total Lease Liability | $ | $ | ||||||||||||||||||||||||
| Maturity of Lease Liabilities | Transportation Equipment | Office Space and Equipment | Facilities and Equipment | Operating Leases | ||||||||||||||||||||||
| 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||
| 2026 | ||||||||||||||||||||||||||
| 2027 | ||||||||||||||||||||||||||
| Thereafter | ||||||||||||||||||||||||||
| Total Lease Payments | ||||||||||||||||||||||||||
| Less: Interest | ( | ( | ( | ( | ||||||||||||||||||||||
| Present value of operating lease liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
| Lease Term and Discount Rate | December 31, 2022 | December 31, 2021 | ||||||||||||
| Weighted-average remaining lease term | ||||||||||||||
| Weighted-average discount rate | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| Cash Flows Information | 2022 | 2021 | |||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | $ | $ | |||||||||||||||
| Leased assets obtained in exchange for new operating lease liabilities | |||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| M/T American Phoenix | $ | $ | $ | |||||||||||||||||
Free State Pipeline(1) | ||||||||||||||||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Accounts receivable - trade | $ | $ | |||||||||
| Allowance for credit losses | ( | ( | |||||||||
| Accounts receivable - trade, net | $ | $ | |||||||||
| December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Balance at beginning of period | $ | $ | $ | ||||||||||||||
| Charges to (recoveries of) costs and expenses, net | ( | ||||||||||||||||
| Amounts written off | ( | ( | ( | ||||||||||||||
| Balance at end of period | $ | $ | $ | ||||||||||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Petroleum products | $ | $ | |||||||||
| Crude oil | |||||||||||
| Caustic soda | |||||||||||
| NaHS | |||||||||||
| Raw materials - Alkali Operations | |||||||||||
| Work-in-process - Alkali Operations | |||||||||||
| Finished goods, net - Alkali Operations | |||||||||||
| Materials and supplies, net - Alkali Operations | |||||||||||
| Total | $ | $ | |||||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Crude oil and natural gas pipelines and related assets | $ | $ | |||||||||
| Alkali facilities, machinery, and equipment | |||||||||||
| Onshore facilities, machinery, and equipment | |||||||||||
| Transportation equipment | |||||||||||
| Marine vessels | |||||||||||
| Land, buildings and improvements | |||||||||||
| Office equipment, furniture and fixtures | |||||||||||
Construction in progress (1) | |||||||||||
| Other | |||||||||||
| Fixed assets, at cost | |||||||||||
| Less: Accumulated depreciation | ( | ( | |||||||||
| Net fixed assets | $ | $ | |||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Mineral leaseholds | $ | $ | |||||||||
| Less: Accumulated depletion | ( | ( | |||||||||
| Mineral leaseholds, net | $ | $ | |||||||||
| December 31, 2020 | $ | ||||
| Accretion expense | |||||
| Revisions in timing and estimated costs of AROs | |||||
| Settlements | ( | ||||
| Acquisitions | |||||
| December 31, 2021 | $ | ||||
| Accretion expense | |||||
| Revisions in timing and estimated costs of AROs | |||||
| Settlements | ( | ||||
| December 31, 2022 | $ | ||||
| 2023 | $ | ||||
| 2024 | $ | ||||
| 2025 | $ | ||||
| 2026 | $ | ||||
| 2027 | $ | ||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Genesis’ share of operating earnings | $ | $ | $ | ||||||||||||||
| Amortization of differences attributable to Genesis’ carrying value of equity investments | ( | ( | ( | ||||||||||||||
| Net equity in earnings | $ | $ | $ | ||||||||||||||
Distributions received(1) | $ | $ | $ | ||||||||||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| BALANCE SHEET DATA: | |||||||||||
| Assets | |||||||||||
| Current assets | $ | $ | |||||||||
| Fixed assets, net | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| Liabilities and equity | |||||||||||
| Current liabilities | $ | $ | |||||||||
| Other liabilities | |||||||||||
| Equity | |||||||||||
| Total liabilities and equity | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| STATEMENTS OF OPERATIONS DATA: | |||||||||||||||||
| Revenues | $ | $ | $ | ||||||||||||||
| Operating Income | $ | $ | $ | ||||||||||||||
| Net Income | $ | $ | $ | ||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
| Weighted Amortization Period in Years | Gross Carrying Amount | Accumulated Amortization | Carrying Value | Gross Carrying Amount | Accumulated Amortization | Carrying Value | |||||||||||||||||||||||||||||||||||
| Marine contract intangibles | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Offshore pipeline contract intangibles | |||||||||||||||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| 2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||||||||||||||
| Marine contract intangibles | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Offshore pipeline contract intangibles | |||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
Deferred marine charges, net (1) | $ | $ | |||||||||
| Unamortized debt issuance costs on senior secured credit facility | |||||||||||
| Other deferred costs | |||||||||||
| Other assets, net of amortization | $ | $ | |||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
| Principal | Unamortized Premium, Discount and Debt Issuance Costs | Net Value | Principal | Unamortized Premium and Debt Issuance Costs | Net Value | ||||||||||||||||||||||||||||||
Senior secured credit facility-Revolving Loan(1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Total long-term debt | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| 2024 Notes | 2025 Notes | 2026 Notes | 2027 Notes | 2028 Notes | |||||||||||||||||||||||||
| Redemption right beginning on | June 15, 2019 | October 1, 2020 | February 15, 2021 | January 15, 2024 | February 1, 2023 | ||||||||||||||||||||||||
Redemption of up to | June 15, 2019 | October 1, 2020 | February 15, 2021 | January 15, 2024 | February 1, 2023 | ||||||||||||||||||||||||
| Distribution For | Date Paid | Per Unit Amount | Total Amount | |||||||||||||||||
| 2020 | ||||||||||||||||||||
1st Quarter | $ | $ | ||||||||||||||||||
2nd Quarter | $ | $ | ||||||||||||||||||
3rd Quarter | $ | $ | ||||||||||||||||||
4th Quarter | $ | $ | ||||||||||||||||||
| 2021 | ||||||||||||||||||||
1st Quarter | $ | $ | ||||||||||||||||||
2nd Quarter | $ | $ | ||||||||||||||||||
3rd Quarter | $ | $ | ||||||||||||||||||
4th Quarter | $ | $ | ||||||||||||||||||
| 2022 | ||||||||||||||||||||
1st Quarter | $ | $ | ||||||||||||||||||
2nd Quarter | $ | $ | ||||||||||||||||||
3rd Quarter | $ | $ | ||||||||||||||||||
4th Quarter | $ | $ | ||||||||||||||||||
| Distribution For | Date Paid | Per Unit Amount | Total Amount | |||||||||||||||||
| 2020 | ||||||||||||||||||||
1st Quarter | $ | $ | ||||||||||||||||||
2nd Quarter | $ | $ | ||||||||||||||||||
3rd Quarter | $ | $ | ||||||||||||||||||
4th Quarter | $ | $ | ||||||||||||||||||
| 2021 | ||||||||||||||||||||
1st Quarter | $ | $ | ||||||||||||||||||
2nd Quarter | $ | $ | ||||||||||||||||||
3rd Quarter | $ | $ | ||||||||||||||||||
4th Quarter | $ | $ | ||||||||||||||||||
| 2022 | ||||||||||||||||||||
1st Quarter | $ | $ | ||||||||||||||||||
2nd Quarter | $ | $ | ||||||||||||||||||
3rd Quarter | $ | $ | ||||||||||||||||||
4th Quarter | $ | $ | ||||||||||||||||||
Balance as of December 31, 2020 | $ | |||||||
Issuance of preferred units, net of issuance costs(1) | ||||||||
| PIK distribution | ||||||||
| Redemption accretion | ||||||||
Tax distributions(1) | ( | |||||||
Balance as of December 31, 2021 | ||||||||
Issuance of preferred units, net of issuance costs(1) | ||||||||
| PIK distribution | ||||||||
| Redemption accretion | ||||||||
Tax distributions(1) | ( | |||||||
| Adjustment to Base Preferred Return Amount | ||||||||
| Redemption of preferred units on May 17, 2022 | ( | |||||||
Balance as of December 31, 2022 | $ | |||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net income (loss) attributable to Genesis Energy L.P. | $ | $ | ( | $ | ( | ||||||||||||
| Less: Accumulated distributions attributable to Class A Convertible Preferred Units | ( | ( | ( | ||||||||||||||
| Net loss available to common unitholders | $ | ( | $ | ( | $ | ( | |||||||||||
| Weighted average outstanding units | |||||||||||||||||
| Basic and diluted net loss per common unit | $ | ( | $ | ( | $ | ( | |||||||||||
| Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Onshore Facilities & Transportation | Marine Transportation | Total | |||||||||||||||||||||||||
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
Segment Margin(1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures(2) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Intersegment(3) | ( | $ | |||||||||||||||||||||||||||
| Total revenues of reportable segments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
Segment Margin(1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures(2) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Intersegment(3) | ( | $ | |||||||||||||||||||||||||||
| Total revenues of reportable segments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Segment Margin(1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures(2) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Intersegment(3) | ( | ( | $ | ||||||||||||||||||||||||||
| Total revenues of reportable segments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Offshore pipeline transportation | $ | $ | |||||||||
| Sodium minerals and sulfur services | |||||||||||
| Onshore facilities and transportation | |||||||||||
| Marine transportation | |||||||||||
| Other assets | |||||||||||
| Total consolidated assets | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Net income (loss) attributable to Genesis Energy, L.P. | $ | $ | ( | $ | ( | ||||||||||||
| Corporate general and administrative expenses | |||||||||||||||||
| Depreciation, depletion, amortization and accretion | |||||||||||||||||
| Interest expense | |||||||||||||||||
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income(1) | |||||||||||||||||
Other non-cash items(2) | ( | ||||||||||||||||
Distributions from unrestricted subsidiaries not included in income(3) | |||||||||||||||||
| ( | ( | ||||||||||||||||
Loss on extinguishment of debt (Note 10) | |||||||||||||||||
Differences in timing of cash receipts for certain contractual arrangements(4) | |||||||||||||||||
Loss (gain) on sale of asset, net to our ownership interest (Note 7) | ( | ||||||||||||||||
| Change in provision for leased items no longer in use | ( | ||||||||||||||||
| Income tax expense | |||||||||||||||||
Redeemable noncontrolling interest redemption value adjustments(5) | |||||||||||||||||
| Total Segment Margin | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Revenues: | |||||||||||||||||
Revenues from services and fees to Poseidon Oil Pipeline Company, LLC(1) | |||||||||||||||||
| Revenues from product sales to ANSAC | |||||||||||||||||
| Expenses: | |||||||||||||||||
| Amounts paid to our CEO in connection with the use of his aircraft | $ | $ | $ | ||||||||||||||
Charges for products purchased from Poseidon Oil Pipeline Company, LLC(1) | |||||||||||||||||
| Charges for services from ANSAC | |||||||||||||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Receivables: | |||||||||||
| ANSAC | $ | $ | |||||||||
| Payables: | |||||||||||
| ANSAC | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| (Increase) decrease in: | |||||||||||||||||
| Accounts receivable | $ | ( | $ | ( | $ | ||||||||||||
| Inventories | ( | ||||||||||||||||
| Deferred charges | |||||||||||||||||
| Other current assets | ( | ( | |||||||||||||||
| Increase (decrease) in: | |||||||||||||||||
| Accounts payable | ( | ||||||||||||||||
| Accrued liabilities | ( | ( | |||||||||||||||
| Net changes in components of operating assets and liabilities | $ | ( | $ | $ | |||||||||||||
| Service-Based Awards | |||||||||||||||||
| Number of Phantom Units | Average Grant Date Fair Value | Total Value (in thousands) | |||||||||||||||
Unvested at December 31, 2021 | $ | $ | |||||||||||||||
| Granted | |||||||||||||||||
| Settled | ( | ( | |||||||||||||||
Unvested at December 31, 2022 | $ | $ | |||||||||||||||
| Expense (Credit) Related to Equity-Based Compensation Plans | ||||||||||||||||||||
| Consolidated Statements of Operations | 2022 | 2021 | 2020 | |||||||||||||||||
| Onshore facilities and transportation operating costs | $ | $ | $ | ( | ||||||||||||||||
| Marine transportation operating costs | ( | |||||||||||||||||||
| Sodium minerals and sulfur services operating costs | ( | |||||||||||||||||||
| Offshore pipeline operating costs | ( | |||||||||||||||||||
| General and administrative expenses | ( | |||||||||||||||||||
| Total | $ | $ | $ | ( | ||||||||||||||||
| Sell (Short) Contracts | Buy (Long) Contracts | |||||||||||||
| Not qualifying or not designated as hedges under accounting rules: | ||||||||||||||
| Crude oil futures: | ||||||||||||||
| Contract volumes (1,000 Bbls) | ||||||||||||||
| Weighted average contract price per Bbl | $ | $ | ||||||||||||
| Natural gas swaps: | ||||||||||||||
| Contract volumes (10,000 MMBtu) | ||||||||||||||
| Weighted average price differential per MMBtu | $ | $ | ||||||||||||
| Natural gas futures: | ||||||||||||||
| Contract volumes (10,000 MMBtu) | ||||||||||||||
| Weighted average contract price per MMBtu | $ | $ | ||||||||||||
| Petroleum products (#6 fuel oil) futures: | ||||||||||||||
| Contract volumes (1,000 Bbls) | ||||||||||||||
| Weighted average contract price per Bbl | $ | $ | ||||||||||||
| Natural gas options: | ||||||||||||||
| Contract volumes (10,000 MMBtu) | ||||||||||||||
| Weighted average premium received/paid | $ | $ | ||||||||||||
| Derivative Instrument | Hedged Risk | Impact of Unrealized Gains and Losses | ||||||||||||||||||
| Consolidated Balance Sheets | Consolidated Statements of Operations | |||||||||||||||||||
| Designated as hedges under accounting guidance: | ||||||||||||||||||||
| Crude oil futures contracts (fair value hedge) | Volatility in crude oil prices - effect on market value of inventory | Derivative is recorded in “Current Assets - Other” (offset against margin deposits) and offsetting change in fair value of inventory is recorded in Inventories | Excess, if any, over effective portion of hedge is recorded in “Onshore facilities and transportation costs - product costs” Effective portion is offset in cost of sales against change in value of inventory being hedged | |||||||||||||||||
| Not qualifying or not designated as hedges under accounting guidance: | ||||||||||||||||||||
| Commodity hedges consisting of crude oil, heating oil, fuel oil, petroleum products and natural gas futures, forward contracts, swaps and put and call options | Volatility in crude oil, natural gas and petroleum products prices - effect on market value of inventory, fixed price purchase commitments or forecasted purchases | Derivative is recorded in “Current Assets - Other” (offset against margin deposits) or Accrued liabilities | Entire amount of change in fair value of derivative is recorded in “Onshore facilities and transportation costs - product costs” and “Sodium minerals and sulfur services operating costs” | |||||||||||||||||
| Preferred Distribution Rate Reset Election | This instrument is not related to a risk, but is rather part of a host contract with the issuance of our Class A Convertible Preferred Units | Derivative is recorded in “Other long-term liabilities” | Entire amount of change in fair value of derivative is recorded in “Other expense, net” | |||||||||||||||||
| Fair Value | ||||||||||||||||||||
| Consolidated Balance Sheets Location | December 31, 2022 | December 31, 2021 | ||||||||||||||||||
| Asset Derivatives: | ||||||||||||||||||||
| Natural Gas Swap (undesignated hedge) | Current Assets - Other | |||||||||||||||||||
| Commodity derivatives—futures and put and call options (undesignated hedges): | ||||||||||||||||||||
| Gross amount of recognized assets | Current Assets - Other | $ | $ | |||||||||||||||||
| Gross amount offset in the Consolidated Balance Sheets | Current Assets - Other | ( | ( | |||||||||||||||||
Net amount of assets presented in the Consolidated Balance Sheets | $ | $ | ||||||||||||||||||
| Commodity derivatives—futures (designated hedges): | ||||||||||||||||||||
| Gross amount of recognized assets | Current Assets - Other | $ | $ | |||||||||||||||||
| Gross amount offset in the Consolidated Balance Sheets | Current Assets - Other | ( | ||||||||||||||||||
Net amount of assets presented in the Consolidated Balance Sheets | $ | $ | ||||||||||||||||||
| Liability Derivatives: | ||||||||||||||||||||
Preferred Distribution Rate Reset Election(2) | Other Long-Term Liabilities(2) | $ | — | $ | ( | |||||||||||||||
| Natural Gas Swap (undesignated hedge) | Current Liabilities - Accrued Liabilities | ( | ( | |||||||||||||||||
| Commodity derivatives—futures and put and call options (undesignated hedges): | ||||||||||||||||||||
| Gross amount of recognized liabilities | Current Assets - Other(1) | $ | ( | $ | ( | |||||||||||||||
| Gross amount offset in the Consolidated Balance Sheets | Current Assets - Other(1) | |||||||||||||||||||
Net amount of liabilities presented in the Consolidated Balance Sheets | $ | ( | $ | |||||||||||||||||
| Commodity derivatives—futures (designated hedges): | ||||||||||||||||||||
| Gross amount of recognized liabilities | Current Assets - Other(1) | $ | $ | ( | ||||||||||||||||
| Gross amount offset in the Consolidated Balance Sheets | Current Assets - Other(1) | |||||||||||||||||||
Net amount of liabilities presented in the Consolidated Balance Sheets | $ | $ | ||||||||||||||||||
| Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||
| Consolidated Statements of Operations Location | 2022 | 2021 | 2020 | ||||||||||||||||||||
Commodity derivatives—futures and options: | |||||||||||||||||||||||
Contracts designated as hedges under accounting guidance | Onshore facilities and transportation product costs | $ | $ | ( | $ | ( | |||||||||||||||||
Contracts not considered hedges under accounting guidance | Onshore facilities and transportation product costs, sodium minerals and sulfur services operating costs | ( | ( | ||||||||||||||||||||
| Total commodity derivatives | $ | $ | ( | $ | ( | ||||||||||||||||||
| Natural gas swaps | Sodium minerals and sulfur services operating costs | $ | $ | ||||||||||||||||||||
| Preferred Distribution Rate Reset Election | Other expense, net | $ | ( | $ | ( | $ | ( | ||||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
| Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
| Commodity derivatives: | |||||||||||||||||||||||||||||||||||
| Assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Liabilities | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
| Preferred Distribution Rate Reset Election | $ | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||
| Balance as of December 31, 2019 | $ | ( | ||||||
| Net loss for the period including earnings | ( | |||||||
Balance as of December 31, 2020 | ( | |||||||
| Net loss for the period including earnings | ( | |||||||
Balance as of December 31, 2021 | ( | |||||||
| Net loss for the period included in earnings | ( | |||||||
| Reclassification to Mezzanine Equity | ||||||||
Balance as of December 31, 2022 | $ | |||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Change in benefit obligation: | |||||||||||
| Benefit Obligation, beginning of year | $ | $ | |||||||||
| Service Cost | |||||||||||
| Interest Cost | |||||||||||
| Actuarial Gain | ( | ( | |||||||||
| Benefits Paid | ( | ( | |||||||||
| Benefit Obligation, end of year | |||||||||||
| Change in plan assets: | |||||||||||
| Fair Value of Plan Assets, beginning of year | |||||||||||
| Actual Return on Plan Assets | ( | ||||||||||
| Employer Contributions | |||||||||||
| Benefits Paid | ( | ( | |||||||||
| Fair Value of Plan assets, end of year | |||||||||||
| Funded Status at end of period | $ | ( | $ | ( | |||||||
| Amounts recognized in the Consolidated Balance Sheets: | |||||||||||
| Non-current assets | $ | $ | |||||||||
| Current liabilities | |||||||||||
| Non-current Liabilities | ( | ( | |||||||||
| Net Liability at end of year | $ | ( | $ | ( | |||||||
| Amounts recognized in accumulated other comprehensive income (loss): | |||||||||||
| Prior Service Cost | |||||||||||
| Net actuarial loss (gain) | ( | ||||||||||
| Amounts recognized in accumulated other comprehensive loss: | $ | ( | $ | ||||||||
| Employer Contributions | |||||
| Expected 2023 Contributions by Employer | $ | ||||
| Future Expected Benefit Payments | |||||
| 2023 | $ | ||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 | |||||
| 2028-2032 | |||||
| December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Service Cost | $ | $ | $ | ||||||||||||||
| Interest Cost | |||||||||||||||||
| Expected Return on Assets | ( | ( | ( | ||||||||||||||
| Amortization of Prior Service Cost | |||||||||||||||||
| Total Net Periodic Benefit Costs | $ | $ | $ | ||||||||||||||
| Weighted average assumptions used to determine benefit obligation: | December 31, 2022 | December 31, 2021 | |||||||||
| Discount Rate | % | % | |||||||||
| Expected Long-term Rate of Return | % | % | |||||||||
| Rate of Compensation Increase | N/A | N/A | |||||||||
| December 31, 2022 | |||||||||||||||||
| Target % | Minimum | Maximum | |||||||||||||||
| Equity securities | % | % | % | ||||||||||||||
| Fixed Income | % | % | % | ||||||||||||||
| Alternative Investments | % | % | % | ||||||||||||||
| Cash and Equivalents | % | % | % | ||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||
| Fixed income and other securities | |||||||||||||||||||||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Current: | |||||||||||||||||
| Federal | $ | $ | $ | ||||||||||||||
| State | |||||||||||||||||
| Total current income tax expense | $ | $ | $ | ||||||||||||||
| Deferred: | |||||||||||||||||
| Federal | $ | $ | $ | ||||||||||||||
| State | ( | ||||||||||||||||
| Total deferred income tax expense | $ | $ | $ | ||||||||||||||
| Total income tax expense | $ | $ | $ | ||||||||||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Deferred tax assets: | |||||||||||
| Net operating loss carryforwards | $ | $ | |||||||||
| Other | |||||||||||
| Total long-term deferred tax asset | |||||||||||
| Valuation allowances | ( | ( | |||||||||
| Total deferred tax assets | $ | $ | |||||||||
| Deferred tax liabilities: | |||||||||||
| Long-term: | |||||||||||
| Fixed assets | $ | ( | $ | ( | |||||||
| Intangible assets | ( | ( | |||||||||
| Other | ( | ( | |||||||||
| Total long-term liability | ( | ( | |||||||||
| Total deferred tax liabilities | $ | ( | $ | ( | |||||||
| Total net deferred tax liability | $ | ( | $ | ( | |||||||
| Year Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Income (loss) from operations before income taxes | $ | $ | ( | $ | ( | ||||||||||||
| Partnership income not subject to federal income tax | ( | ||||||||||||||||
| Income (loss) subject to federal income taxes | $ | $ | $ | ( | |||||||||||||
| Tax expense (benefit) at federal statutory rate | $ | $ | $ | ( | |||||||||||||
| State income taxes, net of federal tax | |||||||||||||||||
| Return to provision, federal and state | ( | ( | |||||||||||||||
| Other | ( | ||||||||||||||||
| Valuation allowance | |||||||||||||||||
| Income tax expense | $ | $ | $ | ||||||||||||||
| Effective tax rate on income (loss) from operations before income taxes | % | ( | % | ( | % | ||||||||||||
SUBSIDIARY | JURISDICTION OF ORGANIZATION | |||||||
AP MARINE, LLC | DELAWARE | |||||||
BR PORT SERVICES, LLC | DELAWARE | |||||||
CAMERON HIGHWAY OIL PIPELINE COMPANY, LLC | DELAWARE | |||||||
CAMERON HIGHWAY PIPELINE GP, L.L.C. | DELAWARE | |||||||
CAMERON HIGHWAY PIPELINE I, L.P. | DELAWARE | |||||||
CASPER EXPRESS PIPELINE, LLC | DELAWARE | |||||||
DAVISON PETROLEUM SUPPLY, LLC | DELAWARE | |||||||
DAVISON TRANSPORTATION SERVICES, INC. | DELAWARE | |||||||
DAVISON TRANSPORTATION SERVICES, LLC | DELAWARE | |||||||
DEEPWATER GATEWAY, L.L.C. | DELAWARE | |||||||
FLEXTREND DEVELOPMENT COMPANY, L.L.C. | DELAWARE | |||||||
GEL CHOPS GP, LLC | DELAWARE | |||||||
GEL CHOPS I, L.P. | DELAWARE | |||||||
GEL CHOPS II, L.P. | DELAWARE | |||||||
GEL DEEPWATER, LLC | DELAWARE | |||||||
GEL IHUB, LLC | DELAWARE | |||||||
GEL ODYSSEY, LLC | DELAWARE | |||||||
GEL OFFSHORE PIPELINE, LLC | DELAWARE | |||||||
GEL OFFSHORE, LLC | DELAWARE | |||||||
GEL PIPELINE OFFSHORE, LLC | DELAWARE | |||||||
GEL POSEIDON, LLC | DELAWARE | |||||||
GEL PALOMA, LLC | DELAWARE | |||||||
GEL SEKCO, LLC | DELAWARE | |||||||
| GEL SYNC LLC | DELAWARE | |||||||
GEL TEX MARKETING, LLC | DELAWARE | |||||||
GEL TEXAS PIPELINE, LLC | DELAWARE | |||||||
GEL WYOMING, LLC | DELAWARE | |||||||
GENESIS ALKALI HOLDINGS COMPANY, LLC | DELAWARE | |||||||
GENESIS ALKALI HOLDINGS, LLC | DELAWARE | |||||||
GENESIS ALKALI, LLC | DELAWARE | |||||||
GENESIS ALKALI WYOMING, LP | DELAWARE | |||||||
GENESIS BR, LLC | DELAWARE | |||||||
GENESIS CHOPS I, LLC | DELAWARE | |||||||
GENESIS CHOPS II, LLC | DELAWARE | |||||||
GENESIS CRUDE OIL, L.P. | DELAWARE | |||||||
GENESIS DAVISON, LLC | DELAWARE | |||||||
GENESIS DEEPWATER HOLDINGS, LLC | DELAWARE | |||||||
GENESIS ENERGY FINANCE CORPORATION | DELAWARE | |||||||
GENESIS ENERGY, LLC | DELAWARE | |||||||
GENESIS FREE STATE HOLDINGS, LLC | DELAWARE | |||||||
GENESIS FREE STATE PIPELINE, LLC | DELAWARE | |||||||
GENESIS GTM OFFSHORE OPERATING COMPANY, LLC | DELAWARE | |||||||
GENESIS IHUB HOLDINGS, LLC | DELAWARE | |||||||
SUBSIDIARY | JURISDICTION OF ORGANIZATION | |||||||
GENESIS MARINE, LLC | DELAWARE | |||||||
GENESIS NEJD HOLDINGS, LLC | DELAWARE | |||||||
GENESIS NEJD PIPELINE, LLC | DELAWARE | |||||||
GENESIS ODYSSEY, LLC | DELAWARE | |||||||
GENESIS OFFSHORE HOLDINGS, LLC | DELAWARE | |||||||
GENESIS OFFSHORE, LLC | DELAWARE | |||||||
GENESIS PIPELINE ALABAMA, LLC | ALABAMA | |||||||
GENESIS PIPELINE TEXAS, L.P. | DELAWARE | |||||||
GENESIS PIPELINE USA, L.P. | DELAWARE | |||||||
GENESIS POSEIDON HOLDINGS, LLC | DELAWARE | |||||||
GENESIS POSEIDON, LLC | DELAWARE | |||||||
GENESIS RAIL SERVICES, LLC | DELAWARE | |||||||
GENESIS SAILFISH HOLDINGS, LLC | DELAWARE | |||||||
GENESIS SEKCO, LLC | DELAWARE | |||||||
GENESIS SMR HOLDINGS, LLC | DELAWARE | |||||||
GENESIS SYNGAS INVESTMENTS, L.P. | DELAWARE | |||||||
GENESIS TEXAS CITY TERMINAL, LLC | DELAWARE | |||||||
HIGH ISLAND OFFSHORE SYSTEM, L.L.C. | DELAWARE | |||||||
MANTA RAY GATHERING COMPANY, L.L.C. | TEXAS | |||||||
MATAGORDA OFFSHORE, LLC | TEXAS | |||||||
MILAM SERVICES, INC. | DELAWARE | |||||||
POSEIDON PIPELINE COMPANY, L.L.C. | DELAWARE | |||||||
RED RIVER TERMINALS, L.L.C. | LOUISIANA | |||||||
SAILFISH PIPELINE COMPANY, L.L.C. | DELAWARE | |||||||
SEAHAWK SHORELINE SYSTEM, LLC | TEXAS | |||||||
SOUTHEAST KEATHLEY CANYON PIPELINE COMPANY, LLC | DELAWARE | |||||||
| SYNC PIPELINE LLC | DELAWARE | |||||||
TDC SERVICES, LLC | DELAWARE | |||||||
TDC, L.L.C. | LOUISIANA | |||||||
TEXAS CITY CRUDE OIL TERMINAL, LLC | DELAWARE | |||||||
THUNDER BASIN HOLDINGS, LLC | DELAWARE | |||||||
| GA ORRI, LLC | DELAWARE | |||||||
| GA ORRI HOLDINGS, LLC | DELAWARE | |||||||
ENTITY | JURISDICTION OF ORGANIZATION | GENESIS ENERGY, L.P. SENIOR UNSECURED NOTES | ||||||||||||
GENESIS ENERGY, L.P. | DELAWARE | CO-ISSUER | ||||||||||||
GENESIS ENERGY FINANCE CORPORATION | DELAWARE | CO-ISSUER | ||||||||||||
AP MARINE, LLC | DELAWARE | GUARANTOR | ||||||||||||
BR PORT SERVICES, LLC | DELAWARE | GUARANTOR | ||||||||||||
CAMERON HIGHWAY PIPELINE GP, L.L.C. | DELAWARE | GUARANTOR | ||||||||||||
CAMERON HIGHWAY PIPELINE I, L.P. | DELAWARE | GUARANTOR | ||||||||||||
CASPER EXPRESS PIPELINE, LLC | DELAWARE | GUARANTOR | ||||||||||||
DAVISON PETROLEUM SUPPLY, LLC | DELAWARE | GUARANTOR | ||||||||||||
DAVISON TRANSPORTATION SERVICES, INC. | DELAWARE | GUARANTOR | ||||||||||||
DAVISON TRANSPORTATION SERVICES, LLC | DELAWARE | GUARANTOR | ||||||||||||
DEEPWATER GATEWAY, L.L.C. | DELAWARE | GUARANTOR | ||||||||||||
FLEXTREND DEVELOPMENT COMPANY, L.L.C. | DELAWARE | GUARANTOR | ||||||||||||
GEL CHOPS GP, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL CHOPS I, L.P. | DELAWARE | GUARANTOR | ||||||||||||
GEL CHOPS II, L.P. | DELAWARE | GUARANTOR | ||||||||||||
GEL DEEPWATER, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL IHUB, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL LOUISIANA FUELS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL ODYSSEY, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL OFFSHORE PIPELINE, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL OFFSHORE, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL PIPELINE OFFSHORE, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL POSEIDON, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL PALOMA, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL SEKCO, LLC | DELAWARE | GUARANTOR | ||||||||||||
| GEL SYNC LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL TEX MARKETING, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL TEXAS PIPELINE, LLC | DELAWARE | GUARANTOR | ||||||||||||
GEL WYOMING, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS ALKALI HOLDINGS COMPANY, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS ALKALI HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS ALKALI, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS ALKALI WYOMING, LP | DELAWARE | GUARANTOR | ||||||||||||
GENESIS BR, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS CHOPS I, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS CHOPS II, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS CRUDE OIL, L.P. | DELAWARE | GUARANTOR | ||||||||||||
GENESIS DAVISON, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS DEEPWATER HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS ENERGY, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS FREE STATE HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
ENTITY | JURISDICTION OF ORGANIZATION | |||||||||||||
GENESIS GTM OFFSHORE OPERATING COMPANY, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS IHUB HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS MARINE, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS NEJD HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS ODYSSEY, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS OFFSHORE HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS OFFSHORE, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS PIPELINE ALABAMA, LLC | ALABAMA | GUARANTOR | ||||||||||||
GENESIS PIPELINE TEXAS, L.P. | DELAWARE | GUARANTOR | ||||||||||||
GENESIS PIPELINE USA, L.P. | DELAWARE | GUARANTOR | ||||||||||||
GENESIS POSEIDON HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS POSEIDON, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS RAIL SERVICES, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS SAILFISH HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS SEKCO, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS SMR HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
GENESIS SYNGAS INVESTMENTS, L.P. | DELAWARE | GUARANTOR | ||||||||||||
GENESIS TEXAS CITY TERMINAL, LLC | DELAWARE | GUARANTOR | ||||||||||||
HIGH ISLAND OFFSHORE SYSTEM, L.L.C. | DELAWARE | GUARANTOR | ||||||||||||
MANTA RAY GATHERING COMPANY, L.L.C. | TEXAS | GUARANTOR | ||||||||||||
MATAGORDA OFFSHORE, LLC | TEXAS | GUARANTOR | ||||||||||||
MILAM SERVICES, INC. | DELAWARE | GUARANTOR | ||||||||||||
POSEIDON PIPELINE COMPANY, L.L.C. | DELAWARE | GUARANTOR | ||||||||||||
RED RIVER TERMINALS, L.L.C. | LOUISIANA | GUARANTOR | ||||||||||||
SAILFISH PIPELINE COMPANY, L.L.C. | DELAWARE | GUARANTOR | ||||||||||||
SEAHAWK SHORELINE SYSTEM, LLC | TEXAS | GUARANTOR | ||||||||||||
SOUTHEAST KEATHLEY CANYON PIPELINE COMPANY, LLC | DELAWARE | GUARANTOR | ||||||||||||
| SYNC PIPELINE LLC | DELAWARE | GUARANTOR | ||||||||||||
TDC SERVICES, LLC | DELAWARE | GUARANTOR | ||||||||||||
TDC, L.L.C. | LOUISIANA | GUARANTOR | ||||||||||||
TEXAS CITY CRUDE OIL TERMINAL, LLC | DELAWARE | GUARANTOR | ||||||||||||
THUNDER BASIN HOLDINGS, LLC | DELAWARE | GUARANTOR | ||||||||||||
| Date: | February 24, 2023 | /s/ Grant E. Sims | ||||||
| Grant E. Sims | ||||||||
| Chief Executive Officer | ||||||||
| Date: | February 24, 2023 | /s/ Robert V. Deere | ||||||
| Robert V. Deere | ||||||||
| Chief Financial Officer | ||||||||
| (1) | the Partnership’s Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and | |||||||
| (2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. | |||||||
| February 24, 2023 | /s/ Grant E. Sims | ||||
| Grant E. Sims | |||||
| Chief Executive Officer, | |||||
| Genesis Energy, LLC | |||||
| (1) | the Partnership’s Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and | |||||||
| (2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. | |||||||
| February 24, 2023 | /s/ Robert V. Deere | ||||
| Robert V. Deere | |||||
| Chief Financial Officer, | |||||
| Genesis Energy, LLC | |||||
| (A) | (B) | (C) | (D) | (E) | (F) | (G) | (H) | (I) | (J) | (K) | (L) | |||||||||||||||||||||||||||
| Mine or Operating Name/ MSHA Identification Number | Section 104 S&S Citations (#) | Section 104(b) Orders (#) | Section 104(d) Citations and Orders (#) | Section 110(b)(2) Violations (#) | Section 107(a) Orders (#) | Total Dollar Value of MSHA Assessment Proposed ($) | Total Number of Mining Related Fatalities (#) | Received Notice of Pattern of Violations Under Section 104(e) (yes/no) | Received Notice of Potential to Have Pattern Under Section 104(e) (yes/no) | Legal Actions Pending as of Last Day of Period (#) | Legal Actions Initiated During Period (#) | Legal Actions Resolved During Period (#) | ||||||||||||||||||||||||||
| Genesis-Alkali at Westvaco MSHA I.D. No.: 48-00152 | 51 | 0 | 2 | 0 | 0 | $291,890 | 0 | No | No | 9 | 0 | 7 | ||||||||||||||||||||||||||
| Page No. | ||||||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash and cash equivalents | $ | 120 | $ | 105 | |||||||
| Accounts receivable—trade, net of allowance | 15,249 | 14,847 | |||||||||
| Accounts receivable—related parties | 5,583 | 1,199 | |||||||||
| Crude oil inventory | 6,615 | 1,357 | |||||||||
| Other current assets | 311 | 319 | |||||||||
| Total current assets | 27,878 | 17,827 | |||||||||
| FIXED ASSETS, net | 147,505 | 160,379 | |||||||||
| RIGHT OF USE ASSETS, net | 4,936 | — | |||||||||
| OTHER ASSETS, net | 8,483 | 6,186 | |||||||||
| TOTAL ASSETS | $ | 188,802 | $ | 184,392 | |||||||
| LIABILITIES AND MEMBERS’ EQUITY (DEFICIT) | |||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Accounts payable – trade | $ | 4,676 | $ | 24 | |||||||
| Accounts payable – related parties | 2,605 | 2,654 | |||||||||
| Deferred revenue | 1,320 | 3,510 | |||||||||
| Accrued liabilities | 1,486 | 1,480 | |||||||||
| Total current liabilities | 10,087 | 7,668 | |||||||||
| LONG-TERM DEBT | 208,300 | 207,900 | |||||||||
| OTHER LONG-TERM LIABILITIES | 28,513 | 24,070 | |||||||||
| Total liabilities | 246,900 | 239,638 | |||||||||
| MEMBERS’ EQUITY (DEFICIT) | (58,098) | (55,246) | |||||||||
| TOTAL LIABILITIES AND MEMBERS’ EQUITY (DEFICIT) | $ | 188,802 | $ | 184,392 | |||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| CRUDE OIL HANDLING REVENUES: | |||||||||||||||||
| Third parties | $ | 109,954 | $ | 119,157 | $ | 134,985 | |||||||||||
| Related parties | 32,256 | 15,289 | 12,381 | ||||||||||||||
| Total crude oil handling revenues | 142,210 | 134,446 | 147,366 | ||||||||||||||
| COSTS AND EXPENSES: | |||||||||||||||||
| Crude oil handling costs | |||||||||||||||||
| Third parties | 3,386 | 3,237 | 2,576 | ||||||||||||||
| Related parties | 7,278 | 6,328 | 6,884 | ||||||||||||||
| Total crude oil handling costs | 10,664 | 9,565 | 9,460 | ||||||||||||||
| Other operating costs and expenses | |||||||||||||||||
| Third parties | 2,418 | 2,102 | 2,166 | ||||||||||||||
| Related parties | 9,724 | 9,441 | 9,166 | ||||||||||||||
| Total other operating costs and expenses | 12,142 | 11,543 | 11,332 | ||||||||||||||
| Depreciation and accretion expense | 15,984 | 15,844 | 15,722 | ||||||||||||||
| General and administrative costs | 64 | 45 | 46 | ||||||||||||||
| Total costs and expenses | 38,854 | 36,997 | 36,560 | ||||||||||||||
| OPERATING INCOME | 103,356 | 97,449 | 110,806 | ||||||||||||||
| Interest expense | 7,608 | 4,162 | 5,594 | ||||||||||||||
| NET INCOME | $ | 95,748 | $ | 93,287 | $ | 105,212 | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| OPERATING ACTIVITIES: | |||||||||||||||||
| Net income | $ | 95,748 | $ | 93,287 | $ | 105,212 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and accretion expense | 15,984 | 15,844 | 15,722 | ||||||||||||||
| Amortization of loan costs | 331 | 331 | 331 | ||||||||||||||
| Non-cash lease effects | 136 | — | — | ||||||||||||||
| Effect of changes in operating accounts: | |||||||||||||||||
| Accounts receivable | (4,786) | 10,811 | 1,271 | ||||||||||||||
| Inventories | (3,771) | 1,549 | (1,300) | ||||||||||||||
| Other assets | (2,620) | (1,844) | (2,881) | ||||||||||||||
| Accounts payable | 5,020 | (1,301) | (1,651) | ||||||||||||||
| Other liabilities | (2,970) | (4,513) | (8,436) | ||||||||||||||
| Net cash provided by operating activities | 103,072 | 114,164 | 108,268 | ||||||||||||||
| INVESTING ACTIVITIES: | |||||||||||||||||
| Payments to acquire fixed assets | (4,857) | (3,492) | (157) | ||||||||||||||
| Net cash used in investing activities | (4,857) | (3,492) | (157) | ||||||||||||||
| FINANCING ACTIVITIES: | |||||||||||||||||
| Borrowings under revolving credit facility | 76,800 | 77,900 | 72,000 | ||||||||||||||
| Repayments under revolving credit facility | (76,400) | (81,000) | (76,100) | ||||||||||||||
| Cash distributions to Members | (98,600) | (107,850) | (103,872) | ||||||||||||||
| Net cash used in financing activities | (98,200) | (110,950) | (107,972) | ||||||||||||||
| Net change in cash and cash equivalents | 15 | (278) | 139 | ||||||||||||||
| Cash and cash equivalents, beginning of period | 105 | 383 | 244 | ||||||||||||||
| Cash and cash equivalents, end of period | $ | 120 | $ | 105 | $ | 383 | |||||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||||||||
| Cash paid during the year for interest | $ | 7,180 | $ | 3,838 | $ | 5,258 | |||||||||||
| Current liabilities for capital expenditures at end of year | $ | 532 | $ | 958 | $ | 113 | |||||||||||
| Poseidon Pipeline Company, L.L.C. | Shell Midstream Partners, L.P. | GEL Poseidon, LLC | Total | ||||||||||||||||||||
| Balance at January 1, 2020 | $ | (15,129) | $ | (15,129) | $ | (11,765) | $ | (42,023) | |||||||||||||||
| Net income | 37,876 | 37,876 | 29,460 | 105,212 | |||||||||||||||||||
| Cash distributions to Members | (37,394) | (37,394) | (29,084) | (103,872) | |||||||||||||||||||
| Balance at December 31, 2020 | (14,647) | (14,647) | (11,389) | (40,683) | |||||||||||||||||||
| Net income | 33,583 | 33,583 | 26,121 | 93,287 | |||||||||||||||||||
| Cash distributions to Members | (38,826) | (38,826) | (30,198) | (107,850) | |||||||||||||||||||
| Balance at December 31, 2021 | (19,890) | (19,890) | (15,466) | (55,246) | |||||||||||||||||||
| Net income | 34,469 | 34,469 | 26,810 | 95,748 | |||||||||||||||||||
| Cash distributions to Members | (35,496) | (35,496) | (27,608) | (98,600) | |||||||||||||||||||
| Balance at December 31, 2022 | $ | (20,917) | $ | (20,917) | $ | (16,264) | $ | (58,098) | |||||||||||||||
| Contract Assets | Contract Liabilities | Contract Liabilities | |||||||||||||||
| Non-Current | Current | Non-Current | |||||||||||||||
| Balance at December 31, 2021 | $ | 4,853 | $ | 2,826 | $ | 19,936 | |||||||||||
| Balance at December 31, 2022 | 7,421 | 1,282 | 18,654 | ||||||||||||||
| 2023 | $ | 44,654 | |||
| 2024 | 43,768 | ||||
| 2025 | 40,339 | ||||
| 2026 | 31,176 | ||||
| 2027 | 22,269 | ||||
| Thereafter | 104,992 | ||||
| Total | $ | 287,198 | |||
| Leases | Financial Statement Caption | December 31, 2022 | ||||||||||||
| Assets | ||||||||||||||
| Right of Use Assets, net | $ | 4,936 | ||||||||||||
| Total Right of Use Assets, net | $ | 4,936 | ||||||||||||
| Liabilities | ||||||||||||||
| Current | Accrued liabilities | $ | 38 | |||||||||||
| Non-Current | Other long-term liabilities | 4,898 | ||||||||||||
| Total Lease Liability | $ | 4,936 | ||||||||||||
| Maturity of Lease Liabilities | Transportation Equipment | |||||||
| 2023 | $ | 136 | ||||||
| 2024 | 136 | |||||||
| 2025 | 136 | |||||||
| 2026 | 136 | |||||||
| 2027 | 136 | |||||||
| Thereafter | 8,004 | |||||||
| Total Lease Payments | 8,684 | |||||||
| Less: Interest | (3,748) | |||||||
| Present value of operating lease liabilities | $ | 4,936 | ||||||
| Lease Term and Discount Rate | December 31, 2022 | |||||||
| Weighted-average remaining lease term (years) | 64 | |||||||
| Weighted-average discount rate | 2.0 | % | ||||||
| Cash Flows Information | December 31, 2022 | ||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | $ | 136 | |||||||||
| Leased assets obtained in exchange for new operating lease liabilities | 4,974 | ||||||||||
| At December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Pipelines and facilities | $ | 437,373 | $ | 438,420 | |||||||
| Construction in progress | 4,219 | 227 | |||||||||
| Total | 441,592 | 438,647 | |||||||||
| Less accumulated depreciation | (294,087) | (278,268) | |||||||||
| Fixed assets, net | $ | 147,505 | $ | 160,379 | |||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| ARO liability, beginning of period | $ | 2,148 | $ | 1,994 | $ | 1,851 | |||||||||||
| Accretion expense | 166 | 154 | 143 | ||||||||||||||
| ARO liability, end of period | $ | 2,314 | $ | 2,148 | $ | 1,994 | |||||||||||
| 2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||||||||||||||||||||||||||
| $ | 179 | $ | 192 | $ | 207 | $ | 223 | $ | 240 | ||||||||||||||||||||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||||||||
| Crude oil handling revenues: | ||||||||||||||||||||||||||
| Genesis affiliates | 1,057 | 965 | 960 | |||||||||||||||||||||||
| Shell affiliates | 31,199 | 14,324 | 11,421 | |||||||||||||||||||||||
| Total | $ | 32,256 | $ | 15,289 | $ | 12,381 | ||||||||||||||||||||
| Crude oil handling costs: | ||||||||||||||||||||||||||
| Genesis affiliates | 4,882 | 4,404 | 3,736 | |||||||||||||||||||||||
| Shell affiliates | 2,396 | 1,924 | 3,148 | |||||||||||||||||||||||
| Total | $ | 7,278 | $ | 6,328 | $ | 6,884 | ||||||||||||||||||||
| Other operating costs and expenses: | ||||||||||||||||||||||||||
| Genesis affiliates | 9,724 | 9,441 | 9,166 | |||||||||||||||||||||||
| Total | $ | 9,724 | $ | 9,441 | $ | 9,166 | ||||||||||||||||||||
| At December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| Accounts receivable - related parties: | |||||||||||
| Genesis affiliates | $ | 2 | $ | 43 | |||||||
| Shell affiliates | 5,581 | 1,156 | |||||||||
| Total accounts receivable - related parties | $ | 5,583 | $ | 1,199 | |||||||
| Accounts payable - related parties: | |||||||||||
| Genesis affiliates | $ | 2,392 | $ | 2,438 | |||||||
| Shell affiliates | 213 | 216 | |||||||||
| Total accounts payable - related parties | $ | 2,605 | $ | 2,654 | |||||||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Audit Information [Abstract] | |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Houston, Texas |
| Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Common units issued (in units) | 122,579,218 | 122,579,218 |
| Common units outstanding (in units) | 122,579,218 | 122,579,218 |
| SENIOR SECURED CREDIT FACILITY | $ 205,400 | $ 49,000 |
| Class A Convertible Preferred Units | ||
| Convertible preferred units issued (in units) | 25,336,778 | 25,336,778 |
| Convertible preferred units outstanding (in units) | 25,336,778 | 25,336,778 |
| Redeemable Non Controlling Interest | ||
| Convertible preferred units issued (in units) | 246,394 | |
| Convertible preferred units outstanding (in units) | 246,394 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income (loss) | $ 129,135 | $ (138,032) | $ (400,314) |
| Other comprehensive income (loss): | |||
| Decrease (increase) in benefit plan liability | 11,721 | 3,758 | (934) |
| Total Comprehensive income (loss) | 140,856 | (134,274) | (401,248) |
| Comprehensive income attributable to noncontrolling interests | (23,235) | (1,637) | (251) |
| Comprehensive income attributable to redeemable noncontrolling interests | (30,443) | (25,398) | (16,113) |
| Comprehensive income (loss) attributable to Genesis Energy, L.P. | $ 87,178 | $ (161,309) | $ (417,612) |
Organization |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Organization We are a growth-oriented master limited partnership founded in Delaware in 1996 and focused on the midstream segment of the crude oil and natural gas industry as well as the production of natural soda ash. Our operations are primarily located in the Gulf Coast region of the United States, Wyoming, and in the Gulf of Mexico. We provide an integrated suite of services to refiners, crude oil and natural gas producers, and industrial and commercial enterprise and have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, our trona and trona-based exploring, mining, processing, producing, marketing, and selling business based on Wyoming (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 four divisions that constitute our reportable segments: •Offshore pipeline transportation, which includes 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, soda ash production, 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 terminaling, blending, storing, marketing, and transporting crude oil and petroleum products; and •Marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America.
|
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Consolidation and Presentation The accompanying financial statements and related notes present our consolidated financial position as of December 31, 2022 and 2021 and our results of operations, statements of comprehensive income (loss), changes in partners’ capital and cash flows for the years ended December 31, 2022, 2021 and 2020. All intercompany balances and transactions have been eliminated. The accompanying Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries. 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. Joint Ventures We participate in several joint ventures, including, in our offshore pipeline transportation segment, a 64% interest in Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”), a 25.7% interest in Neptune Pipeline Company, LLC, a 29% interest in Odyssey Pipeline L.L.C. (“Odyssey”), and a 26.8% interest in Paloma Pipeline Company (“Paloma”). We account for our investments in these joint ventures by the equity method of accounting. See Note 8. Noncontrolling interests Noncontrolling interests represent any third party or affiliate interest in non-wholly owned entities that we consolidate. For financial reporting purposes, the assets and liabilities of these entities are consolidated with those of our own, with any third party or affiliate interest in our Consolidated Balance Sheets amounts shown as noncontrolling interests in equity. See Note 11 for additional discussion regarding our noncontrolling interests. Use of Estimates The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. We based these estimates and assumptions on historical experience and other information that we believed to be reasonable under the circumstances. Significant estimates that we make include: (1) liability and contingency accruals, including the estimates of future asset retirement obligations, (2) estimated fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets, (3) estimates of future net cash flows from assets for purposes of determining whether impairment of those assets has occurred, (4) estimates of variable consideration for revenue recognition, (5) estimated fair value of derivative instruments, and (6) estimated useful lives of our fixed and intangible assets (including the reserve life of our mineral leaseholds) for the use in calculating depreciation, depletion, and amortization of long-lived assets and intangible assets. While we believe these estimates are reasonable, actual results could differ from these estimates. Changes in facts and circumstances may result in revised estimates. Cash and Cash Equivalents Cash and cash equivalents consist of all demand deposits and funds invested in highly liquid instruments with original maturities of three months or less. We periodically assess the financial condition of the institutions where these funds are held and believe that our credit risk is minimal. Restricted Cash Our restricted cash balance represents a liquidity reserve account owned by GA ORRI to be held as collateral for future interest and principal payments associated with the Alkali senior secured notes. See Note 10 for definitions of and additional discussion regarding GA ORRI and our Alkali senior secured notes. Accounts Receivable We review our outstanding accounts receivable balances on a regular basis and estimate an allowance for amounts that we expect will not be fully recovered. An allowance for credit losses is determined based upon historical collectability trends, recoveries, historical write-offs, and current market data for the Partnership’s customers in order to estimate projected losses. Actual balances are not applied against the reserve until substantially all collection efforts have been exhausted. Inventories Our inventories are valued at the lower of cost and net realizable value. With the exception of our Alkali Business, cost is determined principally under the average cost method within specific inventory pools. Within our Alkali Business, the cost of inventories are determined using the FIFO method, except for materials and supplies which are recorded at average cost, and raw materials which are recorded at standard cost, which approximates actual cost. Fixed Assets and Mineral Leaseholds Property and equipment are carried at cost. Depreciation of property and equipment is provided using the straight-line method over the respective estimated useful lives of the assets. Asset lives are 5 to 40 years for pipelines and related assets, 20 to 30 years for marine vessels, 3 to 30 years for machinery and equipment, 3 to 7 years for transportation equipment, and 3 to 20 years for buildings and improvements, office equipment, furniture and fixtures and other equipment. Interest is capitalized in connection with the construction of major facilities. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Maintenance and repair costs are charged to expense as incurred. Costs incurred for major replacements and upgrades are capitalized and depreciated over the remaining useful life of the asset. Certain volumes of crude oil and refined products are classified in fixed assets, as they are necessary to ensure efficient and uninterrupted operations of the gathering businesses. These crude oil and refined products volumes are carried at their weighted average cost. Long-lived assets are reviewed for impairment. An asset is tested for impairment when events or circumstances indicate that its carrying value may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated from the use and ultimate disposal of the asset. If the carrying value is determined to not be recoverable under this method, an impairment charge equal to the amount the carrying value exceeds the fair value is recognized. Fair value is generally determined from estimated discounted future net cash flows. Mineral leaseholds are depleted over their useful lives as determined under the units of production method. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property through the commencement of production are capitalized. Deferred Charges on Marine Transportation Assets Our marine vessels are required by US Coast Guard regulations to be re-certified after a certain period of time, usually every five years. The US Coast Guard states that vessels must meet specified “seaworthiness” standards to maintain required operating certificates. To meet such standards, vessels must undergo regular inspection, monitoring, and maintenance, referred to as “dry-docking.” Typical dry-docking costs include costs incurred to comply with regulatory and vessel classification inspection requirements, blasting and steel coating, and steel replacement. We defer and amortize these costs to maintenance and repair expense over the length of time that the certification is supposed to last. Asset Retirement Obligations Some of our assets have contractual or regulatory obligations to perform dismantlement and removal activities, and in some instances remediation, when the assets are abandoned. In general, our asset retirement obligations (“AROs”) relate to future costs associated with the disconnecting or removing of our crude oil and natural gas pipelines and platforms, barge decommissioning, removal of equipment and facilities from leased acreage and land restoration. The estimated fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred, discounted to its present value using our credit adjusted risk-free interest rate, and a corresponding amount is capitalized by increasing the carrying amount of the related long-lived asset. The capitalized cost is depreciated over the useful life of the related asset. An ongoing expense is recognized for changes in fair value of the liability as a result of the passage of time, which is recorded as accretion expense and included within operating costs in the Consolidated Statements of Operations. See Note 7 for additional information. Lease Accounting We enter into operating lease contracts for the right to utilize certain transportation equipment, facilities and equipment, and office space from third parties. For contracts that contain a lease and extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our Consolidated Balance Sheets. The present value of each lease is based on the future minimum lease payments in accordance with ASC 842 and is determined by discounting these payments using an incremental borrowing rate. From time to time, we enter into agreements in which we are lessors of our property or equipment. For operating leases, revenue is recognized upon the satisfaction of the respective performance obligation. For direct finance leases, we record the gross finance receivable, unearned income and the estimated residual value of the leased pipelines. Unearned income represents the excess of the gross receivable plus the estimated residual value over the costs of the pipelines. Unearned income is recognized as financing income using the interest method over the term of the transaction. The pipeline cost is not included in fixed assets. Refer to Note 4 for additional information. Intangible and Other Assets Intangible assets with finite useful lives are amortized over their respective estimated useful lives on a straight-line basis. If an intangible asset has a finite useful life, but the precise length of that life is not known, that intangible asset shall be amortized over the best estimate of its useful life. At a minimum, we will assess the useful lives and residual values of all intangible assets on an annual basis to determine if adjustments are required. We test intangible assets periodically to determine if impairment has occurred. An impairment loss is recognized for intangibles if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. No impairment has occurred of intangible assets in any of the periods presented. Costs incurred in connection with our credit facilities and their related amendments have historically been capitalized and amortized using the straight-line method over the term of the related debt. Use of the straight-line method does not differ materially from the “effective interest” method of amortization. Certain of our capitalized debt issuance costs related to our respective issuances of notes are classified as reductions in long-term debt. Goodwill Goodwill represents the excess of purchase price over fair value of net assets acquired. We evaluate, and test if necessary, goodwill for impairment annually at October 1, and more frequently if indicators of impairment are present. During the evaluation, we may perform a qualitative assessment of relevant events and circumstances to determine the likelihood of goodwill impairment. If it is deemed more likely than not that the fair value of the reporting unit is less than its carrying amount, we calculate the fair value of the reporting unit. Otherwise, further testing is not necessary. We may also elect to exercise our unconditional option to bypass this qualitative assessment, in which case we would also calculate the fair value of the reporting unit. If the calculated fair value of the reporting unit exceeds its carrying value including associated goodwill amounts, no impairment charge is required. If the fair value of the reporting unit is less than its carrying value including associated goodwill amounts, the goodwill of that reporting unit is considered to be impaired and a charge to earnings must be recorded. The impact to earnings is the excess amount of carrying value over fair value, however the charge is not to exceed the total amount of goodwill allocated to the reporting unit under evaluation. See Note 9 for further information. Environmental Liabilities We provide for the estimated costs of environmental contingencies when liabilities are probable to occur and a reasonable estimate of the associated costs can be made. Ongoing environmental compliance costs, including maintenance and monitoring costs, are charged to expense as incurred. Equity-Based Compensation The phantom units issued under our 2010 Long-Term Incentive Plan result in the payment of cash to our employees or directors of our general partner upon exercise or vesting of the related award. The fair value of our phantom units is equal to the market price of our common units. Our phantom units outstanding at December 31, 2022 include only service-based awards issued to our directors. See Note 16 for more information. Revenue Recognition We recognize revenue across our operating segments upon the satisfaction of their respective performance obligations. Refer to Note 3 for additional details on what constitutes a performance obligation in each of our businesses. Cost of Sales and Operating Expenses Onshore facilities and transportation operating and product costs include the cost to acquire the product and the associated costs to transport it to our terminal facilities, including storing, or to a customer for sale. Other than the cost of the products, the most significant costs we incur relate to transportation utilizing our fleet of trucks, railcars, terminals, barges and other vessels, including personnel costs, fuel and maintenance of our equipment or third-party owned equipment. Additionally, costs to operate and maintain the integrity of our onshore pipelines are included herein. When we enter into buy/sell arrangements concurrently or in contemplation of one another with a single counterparty, we reflect the amounts of revenues and purchases for these transactions on a net basis in our Consolidated Statements of Operations as onshore facilities and transportation revenues. Marine operating costs consist primarily of employee and related costs to man the boats, barges, and vessels, maintenance and supply costs related to general upkeep of the boats, barges, and vessels, and fuel costs which are often rebillable and passed through to the customer. The most significant operating costs in our sodium minerals and sulfur services segment consist of the costs to operate our trona extraction and soda ash processing facilities, NaHS processing plants located at various refineries, caustic soda used in the process of processing the refiner’s sour gas, and costs to transport the soda ash, other alkali products, NaHS and caustic soda. Pipeline operating costs consist primarily of power costs to operate pumping and platform equipment, personnel costs to operate the pipelines and platforms, insurance costs and costs associated with maintaining the integrity of our pipelines. Income Taxes We are a limited partnership, organized as a pass-through entity for federal income tax purposes. As such, we do not directly pay federal income tax. Our taxable income or loss, which may vary substantially from the net income or net loss we report in our Consolidated Statements of Operations, is included in the federal income tax returns of each partner. Some of our corporate subsidiaries pay U.S. federal, state, and foreign income taxes. Deferred income tax assets and liabilities for certain operations conducted through corporations are recognized for temporary differences between the assets and liabilities for financial reporting and tax purposes. Changes in tax legislation are included in the relevant computations in the period in which such changes are effective. Deferred tax assets are reduced by a valuation allowance for the amount of any tax benefit not expected to be realized. Penalties and interest related to income taxes will be included in income tax expense in the Consolidated Statements of Operations. Derivative Instruments and Hedging Activities When we hold inventory positions in crude oil and petroleum products, we use derivative instruments to hedge exposure to price risk. Derivative transactions, which can include exchange-traded forward contracts and futures positions, are recorded in the Consolidated Balance Sheets as assets and liabilities based on the derivative’s fair value. Changes in the fair value of derivative contracts are recognized currently in earnings unless specific hedge accounting criteria are met. We must formally designate the derivative as a hedge and document and assess the effectiveness of derivatives associated with transactions that receive hedge accounting. Accordingly, changes in the fair value of derivatives are included in earnings in the current period for (i) derivatives accounted for as fair value hedges; (ii) derivatives that do not qualify for hedge accounting and (iii) the portion of cash flow hedges that is not highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of cash flow hedges are deferred in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into earnings when the underlying position affects earnings. As of December 31, 2022, we did not have any cash flow hedges. In addition, we determined that a certain feature within our Class A Convertible Preferred Units represented an embedded derivative, which was required to be bifurcated and recorded at fair value, with changes in fair value in respective periods recorded in our Consolidated Statements of Operations. As of September 29, 2022, the feature was no longer required to be bifurcated and valued. See Note 18 for further information on these items. Fair Value of Current Assets and Current Liabilities The carrying amount of other current assets and other current liabilities approximates their fair value due to their short-term nature. Pension benefits We sponsor a defined benefit plan for employees of our Alkali Business. The defined benefit plan is accounted for using actuarial valuations as required by GAAP. We recognize the funded status of the defined pension plan on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic benefit cost within other comprehensive income (loss). Business Acquisitions For acquired businesses, we apply the acquisition method and generally recognize the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their estimated fair values on the date of acquisition. Recent and Proposed Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (“LIBOR”) and other rates resulting from rate reform that are entered into on or before December 31, 2022. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. On May 17, 2022, we entered into our Second Amendment and Consent to the credit agreement (defined in Note 10), which among other things, replaced our existing LIBOR rate based borrowings with the Term SOFR rate, which is based on the Secured Overnight Financing Rate (“SOFR”) borrowings. The impact to our senior secured credit facility and related interest expense upon transition to SOFR did not have a material impact on our Consolidated Financial Statements for the year ended December 31, 2022. Refer to Note 10 for more details.
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Revenue Recognition |
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| Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers The following table reflects the disaggregation of our revenues by major category for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively:
The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for the revenue streams described in more detail below. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products. Fee-based Revenues We provide a variety of fee-based transportation and logistics services to our customers across several of our reportable segments as outlined below. Service contracts generally contain a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over the contract period, and therefore qualify as a single performance obligation that is satisfied over time. The customer receives and consumes the benefit of our services simultaneously with the provision of those services. Offshore Pipeline Transportation Revenue from our offshore pipelines is generally based upon a fixed fee per unit of volume (typically per Mcf of natural gas or per barrel of crude oil) gathered, transported, or processed for each volume delivered. Fees are based either on contractual arrangements or tariffs regulated by the FERC. Certain of our contracts include a single performance obligation to stand ready, on a monthly basis, to provide capacity on our assets. Revenue associated with these fee-based services is recognized as volumes are delivered over the performance obligation period. In addition to the offshore pipeline transportation revenue discussed above, we also have certain contracts with customers in which we earn either demand-type fees or firm capacity reservation fees. These fees are charged to a customer regardless of the volume the customer actually delivers to the platform or through the pipeline. In addition to these offshore pipeline transportation revenue streams, we also have certain customer contracts in which the transportation fee has a tiered pricing structure based on cumulative milestones of throughput on the related pipeline asset and contract, or on a specified date. The performance obligation for these contracts is to transport, gather or process commodity volumes for the customer based on firm (stand ready) service or from monthly nominations made by our customers, which can also be on an interruptible basis. While our transportation rate changes when milestones are achieved for certain cumulative throughput, our performance obligation does not change throughout the life of the contract. Therefore revenue is recognized on an average rate basis throughout the life of the contract. We have estimated the total consideration to be received under the contract beginning at the contract inception date based on the estimated volumes (including certain minimum volumes we are required to stand ready for), price indexing, estimated production or contracted volumes, and the contract period. We have constrained the estimates of variable consideration such that it is probable that a significant reversal of previously-recognized revenue will not occur throughout the life of the contract. These estimates are reassessed at each reporting period as required. Billings to our customers are reflected at the contract rate. The difference between the consideration received from our customers from invoicing compared to the revenue recognized creates a contract asset or liability. In circumstances where the estimated average contract rate is less than the billed current price tier in the contract, we will recognize a contract liability. In circumstances where the estimated average contract rate is higher than the billed current price tier in the contract, we will recognize a contract asset. Onshore Facilities and Transportation Within our onshore facilities and transportation segment, we provide our customers with pipeline transportation, terminaling services, and rail unloading services, among others, primarily on a per barrel fee basis. Revenues from contracts for the transportation of crude oil by our pipelines are based on actual volumes at a published tariff. We recognize revenues for transportation and other services over the performance obligation period, which is the contract term. Revenues for both firm and interruptible transportation and other services are recognized over time as the product is delivered to the agreed upon delivery point or at the point of receipt because they specifically relate to our efforts to transfer the distinct services. Pricing for our services is determined through a variety of mechanisms, including specified contract pricing or regulated tariff pricing. The consideration we receive under these contracts is variable, as the total volume of the commodity to be transported is unknown at contract inception. At the end of a day or month (as specified in the contract), both the price and volume are known (or “fixed”) in order to allow us to accurately calculate the amount of consideration we are entitled to invoice. The measurement of these services and invoicing occurs on a monthly basis. Pipeline Loss Allowances To compensate us for bearing the risk of volumetric losses of crude oil in transit in our pipelines (for our onshore and offshore pipelines) due to temperature, crude quality, and the inherent difficulties of measurement of liquids in a pipeline, our tariffs and agreements allow for us to make volumetric deductions for quality and volumetric fluctuations. We refer to these deductions as pipeline loss allowances (“PLA”). We compare these allowances to the actual volumetric gains and losses of the pipeline and the net gain or loss is recorded as revenue or a reduction of revenue. As the allowance is related to our pipeline transportation services, the performance obligation is the obligation to transport and deliver the barrels and is considered a single obligation. When net gains occur, we have crude oil inventory. When net losses occur, we reduce any recorded inventory on hand and record a liability for the purchase of crude oil required to replace the lost volumes. Under ASC 606, we record excess oil as non-cash consideration in the transaction price on a net basis. The net oil recorded is valued at the lower of cost or net realizable value using the market price of crude oil during the month the product was transported. The crude oil in inventory can then be sold at current prevailing market prices, resulting in additional revenue if the sales price exceeds the inventory value when control transfers to the customer. Marine Transportation Our marine transportation business consists of revenues from the inland and offshore marine transportation of heavy refined petroleum products, asphalt and crude oil, using our barges or vessels. This revenue is recognized over the passage of time of individual trips as determined on an individual contract basis. Revenue from these contracts is typically based on a set day-rate or a set fee per cargo movement. The costs of fuel and certain other operational costs may be directly reimbursed by the customer, if stipulated in the contract. Our performance obligation consists of providing transportation services using our vessels for a single day either under a term or spot based contract. The transaction price is usually fixed per the contract either as a day rate or as a lump sum to be allocated over the days required to complete the service. Revenue is recognizable as the transportation service utilizing our vessels occurs, as the customer simultaneously receives and consumes these services as they are provided. If provided in the contract, certain items such as fuel or operational costs can be rebilled to the customer in the same period in which the costs are incurred. In the event the timing of a trip to provide our services crosses a reporting period under a lump sum fee contract, the revenue earned is accrued based on the progress completed in the current period on the related performance obligation as we are entitled to payment for each day. Customer invoicing occurs at the completion of a trip, or earlier at the customer’s request. Product Sales Sodium Minerals and Sulfur Services Product sales in our sodium minerals and sulfur services segment primarily involve the sales of caustic soda, NaHS, soda ash and other alkali products. As it relates to revenue recognition, these sales transactions contain a single performance obligation, which is the delivery of the product to the customer at the agreed upon point of sale. For some transactions, control of product transfers to the customer at the shipping point, but we are obligated to arrange for shipment of the product as directed by the customer. Rather than treating these shipping activities as separate performance obligations, our policy is to account for them as fulfillment costs in accordance with ASC 606. The transaction price for these product sales are determined by specific contracts, typically at a fixed rate or based on a market or indexed rate. This pricing is known, or is “fixed,” at the time of revenue recognition. Invoicing and related payment terms are in accordance with industry standard or contract specification based on final pricing. The entirety of the transaction price is allocated to the performance obligation, which is delivery of the product at the agreed upon point of sale. As this type of revenue is earned at a point in time, there is no allocation of transaction price to future performance obligations. Onshore Facilities and Transportation Product sales in our onshore facilities and transportation segment primarily involve the sales of crude oil and petroleum products. These contracts contain a single performance obligation, which is the delivery of the product to the customer at a specified location. These contracts are settled on a monthly basis for term contracts, or on a spot basis. Invoicing and related payment terms are in accordance with industry standard or contract specification based on final pricing. Pricing is designated within the contracts and is either fixed, index-based or formulaic, utilizing an average price for the month or for a specified range of days, regardless of when delivery occurs. In either case, pricing is known at the time of invoicing. The entirety of the consideration is allocated to a single performance obligation, which is delivery of the product to a specified location. As this type of revenue is earned at a point in time, there is no allocation of transaction price to future performance obligations. Refinery Services Our refinery services business primarily provides sulfur extraction services to refiners’ high sulfur (or “sour”) gas streams that the refineries have generated from crude oil processing operations. Our process applies our proprietary technology, which uses caustic soda to act as a scrubbing agent at a prescribed temperature and pressure to remove sulfur. The technology returns a clean (sulfur-free) hydrocarbon stream to the refinery for further processing into refined products, and simultaneously produces NaHS. Units of NaHS are produced ratably as a gas stream is processed. We obtain control and ownership of the NaHS immediately upon production, which constitutes the sole consideration that we receive for our sulfur removal services. We later market this product to third parties as part of our product sales, as described above. As part of some of our arrangements, we pay a refinery access fee (“RSA fee”) for any benefits received by virtue of our plant’s proximity to the customer’s refinery. Our RSA fee is recorded as a reduction of revenue. Providing sulfur removal services is the singular performance obligation in our refinery service agreements. As our customers simultaneously receive and consume the refinery service benefits, control is transferred and revenue is recognized over time based on the extent of progress towards completion of the performance obligations. We use units of NaHS produced during a period to measure progress as the amount we receive corresponds directly with the efforts to provide our services completed to date. The transaction price for each performance obligation is determined using the fair value of a unit of NaHS on the contract inception date for each refinery services agreement. Accordingly, we record the value of NaHS received as non-cash consideration in inventory until it is subsequently sold to our customers (see Product Sales, above). Contract Assets and Liabilities The table below depicts our contract asset and liability balances at December 31, 2022 and December 31, 2021:
$2.6 million and $3.0 million that were classified as a contract liability at the beginning of the period was recognized as revenue for the years ended December 31, 2022 and 2021, respectively. Additionally, we recognized $4.1 million of revenue during 2021 as a result of a contract modification related to one of our offshore pipeline transportation contracts. Transaction Price Allocations to Remaining Performance Obligations We are required to disclose the amount of our transaction prices that are allocated to unsatisfied performance obligations as of December 31, 2022. However, ASC 606 provides the following practical expedients and exemptions that we utilized: 1)Performance obligations that are part of a contract with an expected duration of one year or less; 2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and 3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series. We apply these practical expedients and exemptions to our revenue streams recognized over time. The majority of our contracts qualify for one of these expedients or exemptions. After considering these practical expedients and identifying the remaining contract types that involve revenue recognition over a long-term period and include long term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. As it relates to our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. Therefore, we have allocated the remaining contract value (as estimated and discussed above) to future periods. In our onshore facilities and transportation segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets. The following chart depicts how we expect to recognize revenues for future periods related to these contracts:
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Lease Accounting |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Accounting | Lease Accounting Lessee Arrangements We lease a variety of transportation equipment (primarily railcars), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (not greater than 12 months) to long term (greater than 12 months). A majority of our leases contain options to extend the life of the lease at our sole discretion. We considered these options when determining the lease terms used to derive our right of use asset and associated lease liability. Leases with a term of 12 months or less are not recorded on our Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements include lease and non-lease components. We have elected to combine lease and non-lease components for all of our underlying assets for the purpose of deriving our right of use asset and lease liability. Additionally, certain lease payments are driven by variable factors, such as plant production or indexing rates. Variable costs are expensed as incurred and are not included in our determination for our lease liability and right of use asset. As a lessee, we do not have any finance leases and none of our leases contain material residual value guarantees or material restrictive covenants. In addition, most of our leases do not provide an implicit rate, and as such, we determined our incremental borrowing rate based on the information available at the inception of the lease in determining the present value of lease payments. Our lease portfolio consists of operating leases within three major categories: Transportation Equipment, Office Space and Equipment, and Facilities and Equipment. These values are recorded within “Right of Use Assets, net” on the Consolidated Balance Sheets. Current and non-current lease liabilities are recorded within “Accrued liabilities” and “Other long-term liabilities”, respectively, on the Consolidated Balance Sheets. Refer to the table below for our lease balances as of December 31, 2022 and December 31, 2021.
Our “Right of Use Assets, net” balance includes our unamortized initial direct costs associated with certain of our transportation equipment, office space and equipment, and facilities and equipment leases. Additionally, it includes our unamortized prepaid rents, our deferred rents, and our previously classified intangible asset associated with a favorable lease. We recorded total operating lease expense of $13.6 million, $18.4 million, and $30.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. The total operating lease expense is net of the variable railcar mileage credits we receive in our Alkali Business of $22.4 million, $20.8 million and $18.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. The total operating cost includes the amounts associated with our existing lease liabilities, along with both short term and variable lease costs incurred during the period which are not significant to the operating lease cost individually, or in the aggregate. The following table presents the maturities of our operating lease liabilities as of December 31, 2022 on an undiscounted cash flow basis reconciled to the present value recorded on our Consolidated Balance Sheets:
The following table presents the weighted average remaining terms and discount rates related to our right of use assets:
The following table provides information regarding the cash paid and right of use assets obtained related to our operating leases:
Lessor Arrangements We have certain contracts discussed below in which we act as a lessor. We also, from time to time, sublease certain of our transportation and facilities equipment to third parties. Operating Leases During the years ended December 31, 2022, 2021, and 2020, we acted as a lessor in our revenue contracts associated with the M/T American Phoenix, included in our marine transportation segment. During the year ended December 31, 2020, we acted as a lessor in our Free State pipeline system, included in our onshore facilities and transportation segment. Revenues associated with these contracts were recorded within their respective segment’s revenue in the Consolidated Statements of Operations. Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below for the years ended December 31, 2022, 2021, and 2020, respectively:
(1)We sold the Free State pipeline to a subsidiary of Denbury Inc. on October 30, 2020. The 2020 revenues presented above reflect operations through October 29, 2020 as that was the last date the asset operated under our ownership. Direct Finance Lease We formerly held a direct finance lease of the Northeast Jackson Dome (“NEJD”) Pipeline. Under the terms of the agreement, we were paid a quarterly payment, which commenced on August 3, 2008. These payments were fixed at approximately $5.2 million per quarter during the lease term at an interest rate of 10.25%. At the end of the lease term in 2028, we would convey all of our interest in the NEJD Pipeline to the lessee for a nominal payment. During the third quarter of 2020, our customer, a subsidiary of Denbury, Inc., defaulted under the agreement and we exercised a letter of credit we had issued to us as beneficiary and we collected approximately $41 million in accelerated principal payments during 2020. On October 30, 2020 we executed an agreement with our customer to accelerate the remaining principal payments on the NEJD direct financing lease. As of December 31, 2020, we had an outstanding receivable (included within “Accounts receivable- trade, net” on the Consolidated Balance Sheets) of $70.0 million from Denbury for the remaining payments per the agreement, which was fully collected during 2021. Additionally as part of this agreement, we transferred the ownership of all of our CO2 assets, including the Free State pipeline system, to Denbury.
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Receivables |
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| Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables | Receivables Accounts receivable – trade, net consisted of the following:
The following table presents the activity of our allowance for credit losses for the periods indicated:
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| Inventories | Inventories The major components of inventories were as follows:
Inventories are valued at the lower of cost or net realizable value. The net realizable value of inventories were below cost by $2.9 million as of December 31, 2022, which triggered a reduction of the value of inventory in our Consolidated Financial Statements by this amount. We recorded $2.0 million in inventory reduction adjustments as of December 31, 2021. Materials and supplies include chemicals, maintenance supplies, and spare parts which will be consumed in the mining of trona ore and production of soda ash processes.
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| Fixed Assets And Asset Retirement Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed Assets and Asset Retirement Obligations | Fixed Assets, Mineral Leaseholds and Asset Retirement Obligations Fixed Assets Fixed assets consisted of the following:
(1)Construction in progress primarily relates to our Granger Optimization Project, which is expected to be completed in 2023, and our offshore growth capital projects, which are expected to be completed in 2024 and 2025. Mineral Leaseholds Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:
Depreciation expense was $281.4 million, $295.4 million and $276.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. Depletion expense was $3.9 million, $3.6 million, and $3.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. Asset Sales and Divestitures On April 29, 2022, we entered into an agreement to sell the Independence Hub platform to a producer group in the Gulf of Mexico for gross proceeds of $40.0 million, of which $8.0 million, or 20% , was attributable and paid to our noncontrolling interest holder. For the year ended December 31, 2022, we recorded a gain of $40.0 million recorded in “Loss (gain) on sale of asset” on the Consolidated Statement of Operations, of which $8.0 million, or 20%, is attributable to our noncontrolling interest holder, as the platform asset sold had no book value at the time of the sale. On October 30, 2020, we reached an agreement with a subsidiary of Denbury Inc. to transfer to it the ownership of our remaining CO2 assets, including the NEJD and Free State pipelines, included within our onshore facilities and transportation segment. As a part of the agreement, we received total consideration of $92.5 million, of which $22.5 million was paid in the fourth quarter of 2020 upon execution of the agreements, and the remaining $70.0 million was paid in equal installments in each quarter during 2021. We recorded a loss of $22.0 million, which represents the difference between the proceeds and the net book value of the assets transferred, and is recorded within “” on the Consolidated Statement of Operations for the year ended December 31, 2020. Impairment Expense During the second quarter of 2020, due to the challenging economic environment from the decline in commodity prices (including the collapse in the differential of Western Canadian Select to the Gulf Coast) and Covid-19, crude-by-rail transportation became uneconomic for producers and the demand and outlook for our rail logistics assets declined. Due to these factors, we identified a triggering event that required us to perform an impairment test. For our recoverability test, we utilized management’s estimates, including current contractual commitments, for our future cash inflows, and our costs and expenses were determined based on the estimated fixed and variable requirements to operate and maintain the related assets. As our rail logistics asset groups did not pass the initial recoverability assessment, we subsequently performed a fair value calculation using a discounted cash flow model under the income approach. As a result of this test, we recognized impairment expense of $277.5 million as of December 31, 2020 associated with the rail logistics assets in our onshore facilities and transportation segment, as the carrying value of our assets exceeded the estimated realizable value. The impairment expense included $272.7 million of net fixed assets and $4.8 million of right of use assets, net on the Consolidated Balance Sheets. The fair value estimates used in the long-lived asset test were primarily based on level 3 inputs of the fair value hierarchy. In addition to this, we recognized impairment expense of $3.3 million during the third quarter of 2020 primarily associated with the full write-down of a non-core gas platform in our offshore transportation segment due to it not having a future use for our operations. Asset Retirement Obligations We record AROs in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. For any AROs acquired, we record AROs based on the fair value measurement assigned during the preliminary purchase price allocation. A reconciliation of our liability for asset retirement obligations is as follows:
At December 31, 2022 and December 31, 2021, $26.6 million and $36.3 million are included as current in “Accrued liabilities” on our Consolidated Balance Sheets, respectively. The remainder of the ARO liability at each period is included in “Other long-term liabilities” on our Consolidated Balance Sheets. Revisions in timing and estimated costs during 2022 and 2021 are primarily attributable to the accelerated timing and revised costs associated with the abandonment of certain of our non-core offshore assets in the Gulf of Mexico. Such revisions take into account several factors, including changes to legal or regulatory requirements, changes in our estimated useful lives of the associated asset, and the timing and method of abandonment. As there are significant judgements involved in deriving our estimates, actual costs, including the scope of work once it is approved by the relative regulatory agency or contracted party, may differ from our estimates. With respect to our AROs, the following table presents our forecast of accretion expense for the periods indicated:
Certain of our unconsolidated affiliates have AROs recorded at December 31, 2022 and 2021 relating to contractual agreements and regulatory requirements. In addition, certain entities that we consolidate have non-controlling interest owners that are responsible for their representative share of future costs of the related ARO liability. These amounts are immaterial to our Consolidated Financial Statements.
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Equity Investees |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Investees | Equity Investees We account for our ownership in our joint ventures under the equity method of accounting (see Note 2 for a description of these investments). The price we pay to acquire an ownership interest in a company may exceed or be less than the underlying book value of the capital accounts we acquire. At December 31, 2022 and 2021, the unamortized differences in carrying value totaled $305.6 million and $319.9 million, respectively. We amortize the differences in carrying value as a change in equity earnings. The following table presents information included in our Consolidated Financial Statements related to our equity investees:
(1) Distributions received during the respective period or within 15 days following the period. The following tables present the combined balance sheet information for the last two years and statements of operations data for the last three years for our equity investees (on a 100% basis):
Poseidon’s revolving credit facility Borrowings under Poseidon’s revolving credit facility, which was amended and restated in March 2019, are primarily used to fund spending on capital projects. The March 2019 credit facility is non-recourse to Poseidon’s owners and secured by its assets. The March 2019 credit facility contains customary covenants such as restrictions on debt levels, liens, guarantees, mergers, sale of assets and distributions to owners. A breach of any of these covenants could result in acceleration of the maturity date of Poseidon’s debt. Poseidon was in compliance with the terms of its credit agreement for all periods presented in these Consolidated Financial Statements.
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Intangible Assets, Goodwill and Other Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Goodwill and Other Assets | Intangible Assets, Goodwill and Other Assets Intangible Assets The following table reflects the components of intangible assets being amortized at December 31, 2022 and 2021:
The offshore pipeline contract intangibles relate to customer contracts surrounding certain transportation agreements with producers in the Lucius production area in Southeast Keathley Canyon, which support our SEKCO pipeline. We are recording amortization of our intangible assets based on the period over which the asset is expected to contribute to our future cash flows. All of our current intangible assets are being amortized on a straight-line basis. Amortization expense on intangible assets was $10.3 million, $10.3 million and $15.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table reflects our estimated amortization expense for each of the five subsequent fiscal years:
Goodwill The carrying amount of goodwill in our sodium minerals and sulfur services segment was $301.9 million at December 31, 2022 and 2021. We have not recognized any impairment losses related to goodwill for any of the periods presented. Other Assets Other assets consisted of the following:
(1) See discussion of deferred charges on marine transportation assets in the Summary of Accounting Policies (Note 2).
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt At December 31, 2022 and 2021, our obligations under debt arrangements consisted of the following:
(1) Unamortized debt issuance costs associated with our senior secured credit facility Revolving Loan, as defined below (included in “Other Assets, net of amortization” on the Consolidated Balance Sheets) were $2.6 million and $4.7 million as of December 31, 2022 and December 31, 2021, respectively. Senior Secured Credit Facility On April 8, 2021, we entered into the Fifth Amended and Restated Credit Agreement (the “credit agreement”) to replace our Fourth Amended and Restated Credit Agreement, which provides for a $950 million senior secured credit facility, comprised of a revolving loan facility with a borrowing capacity of $650 million (the “Revolving Loan”) and a term loan facility of $300 million (the “Term Loan”). The senior secured credit facility matures on March 15, 2024, subject to extension at our request for one additional year on up to two occasions and subject to certain conditions. On November 17, 2021, we closed on the sale of a 36% minority equity interest in CHOPS for gross proceeds of approximately $418 million. A portion of the proceeds from the sale were used to repay the full $300 million outstanding under the Term Loan. We incurred a loss of approximately $2.3 million associated with the early extinguishment of the Term Loan relating to the write-off of the related unamortized debt issuance costs, which is recorded as “Other expense, net” in our Consolidated Statements of Operations for the year ended December 31, 2021. On May 17, 2022, we entered into our Second Amendment and Consent to the credit agreement (the “credit agreement amendment”). This credit agreement amendment, among other things, permitted the entry into and performance of the transactions and agreements secured by the ORRI Interests (as defined below) and replaced our existing LIBOR rate based borrowings with Term SOFR rate, which is a forward looking term rate based on SOFR, discussed in further detail below. As of December 31, 2022, the key terms for rates under our senior secured credit facility, which are dependent on our leverage ratio (as defined in the credit agreement), are as follows: •Revolving Loan: The interest rate on borrowings may be based on an alternate base rate or Term SOFR, at our option. Interest on alternate base rate loans is equal to the sum of (a) the highest of (i) the prime rate in effect on such day, (ii) the federal funds effective rate in effect on such day plus 0.5% and (iii) the Adjusted Term SOFR (as defined in our credit agreement amendment) for a one-month tenor in effect on such day plus 1% and (b) the applicable margin. The Adjusted Term SOFR is equal to the sum of (a) the Term SOFR rate (as defined in our credit agreement amendment) for such period plus (b) the Term SOFR Adjustment of 0.1% plus (c) the applicable margin. The applicable margin varies from 2.25% to 3.75% on Term SOFR borrowings and from 1.25% to 2.75% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At December 31, 2022, the applicable margins on our borrowings were 2.00% for alternate base rate borrowings and 3.00% for Term SOFR borrowings based on our leverage ratio. •Letter of credit fees range from 2.25% to 3.75% based on our leverage ratio as computed under the credit agreement amendment. The rate can fluctuate quarterly. At December 31, 2022, our letter of credit rate was 3.00%. •We pay a commitment fee on the unused portion of the Revolving Loan. The commitment fee on the unused committed amount will range from 0.30% to 0.50% per annum depending on our leverage ratio. At December 31, 2022, our commitment fee rate on the unused committed amount was 0.50%. •We have the ability to increase the aggregate size of the Revolving Loan by an additional $200 million subject to lender consent and certain other customary conditions. At December 31, 2022, we had $205.4 million borrowed under our Revolving Loan, with $4.7 million of the borrowed amount designated as a loan under the inventory sublimit. Our credit agreement allows up to $100 million of the capacity to be used for letters of credit, of which $8.5 million was outstanding at December 31, 2022. Due to the revolving nature of loans under our Revolving Loan, additional borrowings and periodic repayments and re-borrowings may be made until the maturity date of our credit agreement. The total amount available for borrowings under our senior secured credit facility at December 31, 2022 was $436.1 million, subject to compliance with our covenants. Our credit agreement does not include a “borrowing base” limitation except with respect to our inventory loans. Alkali Senior Secured Notes Issuance and Related Transactions On May 17, 2022, Genesis Energy, L.P., through its newly created wholly-owned unrestricted subsidiary, GA ORRI, LLC (“GA ORRI”), issued $425 million principal amount of our 5.875% senior secured notes due 2042 (the “Alkali senior secured notes”) to certain institutional investors (the “Notes Offering”), secured by GA ORRI’s fifty-year 10% limited term overriding royalty interest in substantially all of the Alkali Business’ trona mineral leases (the “ORRI Interests”). Interest payments are due on the last day of each quarter with the initial interest payment made on June 30, 2022. The agreement governing the Alkali senior secured notes also requires principal repayments on the last day of each quarter commencing with the first quarter of 2024. Principal repayments totaling $11.6 million, $13.1 million, $14.2 million, and $14.6 million are due in 2024, 2025, 2026 and 2027, respectively, with the remaining quarterly principal repayments due thereafter through March 31, 2042. We are required to maintain a certain level of cash in a liquidity reserve account (owned by GA ORRI) to be held as collateral for future interest and principal payments as calculated and described in the agreement governing the Alkali senior secured notes. As of December 31, 2022 our liquidity reserve account had a balance of $18.6 million, which is classified as “Restricted cash” on the Consolidated Balance Sheet. The issuance generated net proceeds of $408 million, net of the issuance discount of $17 million. We used a portion of the net proceeds from the issuance to fully redeem the outstanding Alkali Holdings preferred units (as defined and further discussed in Note 11) and utilized the remainder to repay a portion of the outstanding borrowings under our Revolving Loan as well as fund our liquidity reserve account. Additionally, on May 17, 2022, as noted above, we entered into our credit agreement amendment. This amendment also designated GA ORRI and its direct parent, GA ORRI Holdings, LLC (“GA ORRI Holdings”), as unrestricted subsidiaries under our credit agreement. We also designated GA ORRI and GA ORRI Holdings as unrestricted subsidiaries under the indentures governing our senior unsecured notes. On May 17, we also reclassified the subsidiaries originally held by our Alkali Business as restricted subsidiaries under our credit agreement and under the indentures governing our senior unsecured notes. Senior Unsecured Notes On May 15, 2014, we issued $350 million in aggregate principal amount of 5.625% senior unsecured notes due June 15, 2024 (the “2024 Notes”). The 2024 Notes were sold at face value. Interest payments are due on June 15 and December 15 of each year with the initial interest payment due December 15, 2014. The 2024 Notes mature on June 15, 2024. The net proceeds were used to repay borrowings under our senior secured credit facility and for general partnership purposes. On May 21, 2015, we issued $400 million in aggregate principal amount of 6.00% senior unsecured notes due May 15, 2023 (the “2023 Notes”). Interest payments were due on May 15 and November 15 of each year. We used a portion of the proceeds from those notes to effectively redeem all of our outstanding $350 million, 7.875% senior unsecured notes due 2018, using a combination of public tender offer and our redemption rights relating to those notes. On December 17, 2020, $308.8 million of these notes were validly tendered and repaid upon the issuance of our $750 million unsecured notes due in 2027 (the “2027 Notes” as further discussed and defined below). We incurred a loss of approximately $8.2 million relating to the tender of our 2023 Notes, inclusive of our transaction costs and the write-off of the related unamortized debt issuance costs, which is recorded as “Other expense, net” in our Consolidated Statement of Operations for the year ended December 31, 2020. On January 19, 2021 we redeemed the remaining $80.9 million of our 2023 Notes in accordance with the terms and conditions of the indenture governing the 2023 Notes. We incurred a loss of approximately $1.6 million relating to the extinguishment of our remaining 2023 senior unsecured notes, inclusive of the redemption fee and the write-off of the related unamortized debt issuance costs, which is recorded in “Other expense, net” in our Consolidated Statement of Operations for the year ended December 31, 2021. On July 23, 2015, we issued $750 million in aggregate principal amount of 6.75% senior unsecured notes due August 1, 2022 (the “2022 Notes”). Interest payments were due on February 1 and August of each year. That issuance generated net proceeds of $728.6 million net of issuance discount and underwriting fees. The net proceeds were used to fund a portion of the purchase price for our Enterprise acquisition. On January 16, 2020, $554.8 million of these notes were validly tendered and repaid upon the issuance of our $750 million unsecured notes due in 2028 (the “2028 Notes”), as discussed below. On February 16, 2020, the remaining $222.1 million of the remaining 2022 Notes were redeemed. We incurred a total loss of approximately $23.5 million relating to the extinguishment of our 2022 Notes, inclusive of our transaction costs and the write-off of the related unamortized debt issuance costs and discount, which is recorded in “Other expense, net” in our Consolidated Statements of Operations for the year ended December 31, 2020. On August 14, 2017, we issued $550 million in aggregate principal amount of 6.50% senior unsecured notes due October 1, 2025 (the “2025 Notes”). Interest payments are due April 1 and October 1 of each year with the initial interest payment due April 1, 2018. That issuance generated net proceeds of $540.1 million, net of issuance costs incurred. The 2025 Notes mature on October 1, 2025. The net proceeds were used to fund a portion of the purchase price for our acquisition of our Alkali Business. On December 11, 2017, we issued $450 million in aggregate principal amount of 6.25% senior unsecured notes due May 15, 2026 (the “2026 Notes”). Interest payments are due May 15 and November 15 of each year with the initial interest payment due May 15, 2018. That issuance generated net proceeds of $441.8 million, net of issuance costs incurred. We used $204.8 million of the net proceeds to redeem the portion of the 5.75% senior unsecured notes due February 15, 2021 (the “2021 Notes”) that were validly tendered and the remaining net proceeds to repay a portion of the borrowings outstanding under our senior secured credit facility. On January 16, 2020, we issued $750 million in aggregate principal amount of our 7.75% 2028 Notes (the “2028 Notes”). Interest payments are due February 1 and August 1 of each year with the initial interest payment due on August 1, 2020. That issuance generated net proceeds of $736.7 million net of issuance costs incurred. The 2028 Notes mature on February 1, 2028. We used $554.8 million of the net proceeds to redeem the portion of the 6.75% 2022 Notes (including principal, accrued interest and tender premium) that were validly tendered, and the remaining net proceeds were used to repay a portion of the borrowings outstanding under our senior secured credit facility. On December 17, 2020, we issued $750 million in aggregate principal amount of our 8.00% 2027 Notes due on January 15, 2027 (the “2027 Notes”). Interest payments are due January 15 and July 15 of each year with the initial interest payment due on July 15, 2021. That issuance generated net proceeds of approximately $737 million net of issuance costs incurred. We used $316.5 million of the net proceeds to repay the portion of the 6.00% 2023 Notes (including principal, accrued interest and tender premium) that were validly tendered, and the remaining proceeds at the time were used to repay a portion of the borrowings outstanding under our senior secured credit facility. On April 22, 2021, we completed our offering of an additional $250 million in aggregate principal amount of the 2027 Notes. The additional $250 million of notes have identical terms as (other than with respect to the issue price) and constitute part of the same series of the 2027 Notes. The $250 million of the 2027 Notes were issued at a premium of 103.75% plus accrued interest from December 17, 2020. We used the net proceeds from the offering for general partnership purposes, including repaying a portion of the revolving borrowings outstanding under our senior secured credit facility. We have the right to redeem each of our series of notes beginning on specified dates as summarized below, at a premium to the face amount of such notes that varies based on the time remaining to maturity on such notes. Additionally, we may redeem up to 35% of the principal amount of each of our series of notes with the proceeds from an equity offering of our common units during certain periods. A summary of the applicable redemption periods is provided in the table below:
During the year ended December 31, 2022 and 2020, we repurchased $80.9 million and $153.6 million, respectively, of our senior unsecured notes on the open market and recorded cancellation of debt income of $8.6 million and $27.3 million, respectively. These are recorded within “Other expense, net” in our Consolidated Statements of Operations. Guarantees of our 2024, 2025, 2026, 2027 and 2028 Notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the properties or assets of a guarantor (including by way of merger or consolidation) or (b) all of the capital stock of such guarantor, in each case, to a person that is not a restricted subsidiary of the Partnership (ii) if the Partnership designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon legal defeasance, covenant defeasance or satisfaction and discharge of the applicable indenture, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. Our $2.9 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.'s current and future 100% owned domestic subsidiaries (the “Guarantor Subsidiaries”), except GA ORRI and GA ORRI Holdings, and certain other subsidiaries. The non-guarantor subsidiaries are indirectly owned by Genesis Crude Oil, L.P., a Guarantor Subsidiary. The Guarantor Subsidiaries largely own the assets, other than the ORRI Interests, that we use to operate our business. As a general rule, the assets and credit of our unrestricted subsidiaries are not available to satisfy the debts of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries, and the liabilities of our unrestricted subsidiaries do not constitute obligations of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries. Covenants and Compliance Our credit agreement contains customary covenants (affirmative, negative and financial) that could limit the manner in which we may conduct our business. As defined in our credit agreement, we are required to meet three primary financial metrics—a maximum consolidated leverage ratio, a maximum consolidated senior secured leverage ratio and a minimum consolidated interest coverage ratio. Our credit agreement provides for the temporary inclusion of certain pro forma adjustments to the calculations of the required ratios following material transactions. In general, our consolidated leverage ratio calculation compares our consolidated funded debt (including outstanding notes we have issued) to our Adjusted Consolidated EBITDA (as defined and adjusted in accordance with the senior secured credit facility). Our consolidated senior secured leverage ratio calculation compares our consolidated senior secured funded debt (including outstanding borrowings on the senior secured credit facility) to our Adjusted Consolidated EBITDA (as defined and adjusted in accordance with the senior secured credit facility), and our minimum consolidated interest coverage ratio compares our Adjusted Consolidated EBITDA (as defined and adjusted in accordance with the senior secured credit facility) to our Consolidated interest expense (as defined and adjusted in accordance with the senior secured credit facility). As of December 31, 2022, under our credit agreement, the permitted maximum consolidated leverage ratio is 5.50x for the remainder of the term. The permitted maximum consolidated senior secured leverage ratio is 2.50x and the minimum consolidated interest coverage ratio is 2.50x for the remaining term of the agreement. In addition, our credit agreement and the indentures governing the senior notes contain cross-default provisions. Our credit documents prohibit distributions on, or purchases or redemptions of, units if any default or event of default is continuing. In addition, those agreements contain various covenants limiting our ability to, among other things: •incur indebtedness if certain financial ratios are not maintained; •grant liens; •engage in sale-leaseback transactions; and •sell substantially all of our assets or enter into a merger or consolidation. A default under our credit documents would permit the lenders thereunder to accelerate the maturity of the outstanding debt. As long as we are in compliance with our senior secured credit facility, our ability to make distributions of “available cash” is not restricted. As of December 31, 2022, we were in compliance with the financial covenants contained in our senior secured credit facility and indentures.
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| Partners' Capital, Mezzanine Equity and Distributions | Partners’ Capital, Mezzanine Equity and Distributions At December 31, 2022, our outstanding equity consisted of 122,539,221 Class A common units and 39,997 Class B common units. The Class A units are traditional common units in us. The Class B units are identical to the Class A units and, accordingly, have voting and distribution rights equivalent to those of the Class A units, and, in addition, the Class B units have the right to elect all of our board of directors and are convertible into Class A units under certain circumstances, subject to certain exceptions. At December 31, 2022, we had 25,336,778 Class A Convertible Preferred Units outstanding, which are discussed below in further detail. Distributions Generally, we will distribute 100% of our available cash (as defined by our partnership agreement) within 45 days after the end of each quarter to common unitholders of record. Available cash generally means, for each fiscal quarter, all cash on hand at the end of the quarter: •less the amount of cash reserves that our general partner determines in its reasonable discretion is necessary or appropriate to: •provide for the proper conduct of our business; •comply with applicable law, any of our debt instruments, or other agreements; or •provide funds for distributions to our common and preferred unitholders for any one or more of the next four quarters; •plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings. Working capital borrowings are generally borrowings that are made under our senior secured credit facility and in all cases are used solely for working capital purposes or to pay distributions to partners. We paid the following cash distributions to common unitholders:
Equity Issuances and Contributions Our partnership agreement authorizes our general partner to cause us to issue additional limited partner interests and other equity securities, the proceeds from which could be used to provide additional funds for acquisitions or other needs. We did not issue any common units during the periods presented. Class A Convertible Preferred Units On September 1, 2017, we sold $750 million of Class A Convertible Preferred Units (our “Class A Convertible Preferred Units”) in a private placement, comprised of 22,249,494 units for a cash purchase price per unit of $33.71 (subject to certain adjustments, the “Issue Price”) to two initial purchasers. Our general partner executed an amendment to our partnership agreement in connection therewith, which, among other things, authorized and established the rights and preferences of our Class A Convertible Preferred Units. Our Class A Convertible Preferred Units rank senior to all of our currently outstanding classes or series of limited partner interests with respect to distribution and/or liquidation rights. Holders of our Class A Convertible Preferred Units vote on an as-converted basis with holders of our common units and have certain class voting rights, including with respect to any amendment to the partnership agreement that would adversely affect the rights, preferences or privileges, or otherwise modify the terms, of those Class A Convertible Preferred Units. From time to time after September 1, 2020, we have the right to cause the conversion of all or a portion of outstanding Class A Convertible Preferred Units into our common units, subject to certain conditions; provided, however, that we will not be permitted to convert more than 7,416,498 of our Class A Convertible Preferred Units in any consecutive twelve-month period. At any time after September 1, 2020, if we have fewer than 592,768 of our Class A Convertible Preferred Units outstanding, we will have the right to convert each outstanding Class A Convertible Preferred Unit into our common units at a conversion rate equal to the greater of (i) the then-applicable conversion rate and (ii) the quotient of (a) the Issue Price and (b) 95% of the volume-weighted average price of our common units for the 30-trading day period ending prior to the date that we notify the holders of our outstanding Class A Convertible Preferred Units of such conversion. Upon certain events involving certain changes of control in which more than 90% of the consideration payable to the holders of our common units is payable in cash, our Class A Convertible Preferred Units will automatically convert into common units at a conversion ratio equal to the greater of (a) the then applicable conversion rate and (b) the quotient of (i) the product of (A) the sum of (1) the Issue Price and (2) any accrued and accumulated but unpaid distributions on our Class A Convertible Preferred Units, and (B) a premium factor (ranging from 115% to 101% depending on when such transaction occurs) plus a prorated portion of unpaid partial distributions, and (ii) the volume weighted average price of the common units for the 30 trading days prior to the execution of definitive documentation relating to such change of control. In connection with other change of control events that do not meet the 90% cash consideration threshold described above, each holder of our Class A Convertible Preferred Units may elect to (a) convert all of its Class A Convertible Preferred Units into our common units at the then applicable conversion rate, (b) if we are not the surviving entity (or if we are the surviving entity, but our common units will cease to be listed), require us to use commercially reasonable efforts to cause the surviving entity in any such transaction to issue a substantially equivalent security (or if we are unable to cause such substantially equivalent securities to be issued, to convert its Class A Convertible Preferred Units into common units in accordance with clause (a) above or exchanged in accordance with clause (d) below or convert at a specified conversion rate), (c) if we are the surviving entity, continue to hold our Class A Convertible Preferred Units or (d) require us to exchange our Class A Convertible Preferred Units for cash or, if we so elect, our common units valued at 95% of the volume-weighted average price of our common units for the 30 consecutive trading days ending on the fifth trading day immediately preceding the closing date of such change of control, at a price per unit equal to the sum of (i) the product of (x) 101% and (y) the Issue Price plus (ii) accrued and accumulated but unpaid distributions and (iii) a prorated portion of unpaid partial distributions. For a period of 30 days following (i) September 1, 2022 and (ii) each subsequent anniversary thereof, the holders of our Class A Convertible Preferred Units may make a one-time election to reset the quarterly distribution amount (a “Rate Reset Election”) to a cash amount per preferred unit equal to the amount that would be payable per quarter if a preferred unit accrued interest on the Issue Price at an annualized rate equal to three-month LIBOR plus 750 basis points; provided, however, that such reset rate shall be equal to 10.75% if (i) such alternative rate is higher than the LIBOR-based rate and (ii) the then market price for our common units is then less than 110% of the Issue Price. On September 29, 2022 (the “election date”), the Rate Reset Election was elected by the holders of our Class A Convertible Preferred Units. Upon issuance and up until the election date, each of our Class A Convertible Preferred Units accumulated quarterly distribution amounts in arrears at an annual rate of 8.75% (or $2.9496), yielding a quarterly rate of 2.1875% (or $0.7374). On the election date, the holders of the Class A Convertible Preferred Units elected to reset the rate to 11.24%, the sum of the three-month LIBOR of 3.74% plus 750 basis points, yielding a quarterly distribution $0.9473 per preferred unit beginning with the fourth quarter of 2022. We elected to pay all distributions from inception through March 1, 2019 with additional Class A Convertible Preferred Units. For the quarter ended March 31, 2019, we paid a portion of our distribution in cash, and a portion in Class A Convertible Preferred Units. For each quarter ending after March 1, 2019, we paid all distribution amounts in respect of our Class A Convertible Preferred Units in cash. Each holder of our Class A Convertible Preferred Units may elect to convert all or any portion of its Class A Convertible Preferred Units into common units initially on a one-for-one basis (subject to customary adjustments and an adjustment for accrued and accumulated but unpaid distributions and limitations) at any time after September 1, 2019 (or earlier upon a change of control, liquidation, dissolution or winding up), provided that any conversion is for at least $50 million or such lesser amount if such conversion relates to all of a holder’s remaining Class A Convertible Preferred Units or has otherwise been approved by us. If we fail to pay in full any preferred unit distribution amount after March 1, 2019 in respect of any two quarters, whether or not consecutive, then until we pay such distributions in full, we will not be permitted to (a) declare or make any distributions (subject to a limited exceptions for pro rata distributions on our Class A Convertible Preferred Units and parity securities), redemptions or repurchases of any of our limited partner interests that rank junior to or pari passu with our Class A Convertible Preferred Units with respect to rights upon distribution and/or liquidation (including our common units), or (b) issue any such junior or parity securities. If we fail to pay in full any preferred unit distribution after March 1, 2019 in respect of any two quarters, whether or not consecutive, then the preferred unit distribution amount will be reset to a cash amount per preferred unit equal to the amount that would be payable per quarter if a preferred unit accrued interest on the Issue Price at an annualized rate equal to the then-current annualized distribution rate plus 200 basis points until such default is cured. We have granted each initial purchaser (including its applicable affiliate transferees) certain rights, including (i) the right to appoint an observer, who shall have the right to attend our board meetings for so long as an initial purchaser (including its affiliates) owns at least $200 million of our Class A Convertible Preferred Units; (ii) the right to purchase up to 50% of any parity securities on substantially the same terms offered to other purchasers for so long as an initial purchaser (including its affiliates) owns at least 11,124,747 of our Class A Convertible Preferred Units, and (iii) the right to appoint two directors to our general partner’s board of directors if (and so long as) we fail to pay in full any three quarterly distribution amounts, whether or not consecutive, attributable to any quarter ending after March 1, 2019. Accounting for the Class A Convertible Preferred Units Our Class A Convertible Preferred Units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event that is outside of our control. Therefore, we present them as temporary equity in the mezzanine section of the Consolidated Balance Sheets. We initially recognized our Class A Convertible Preferred Units at their issuance date fair value, net of issuance costs, as they were not redeemable and we did not have plans or expect any events that constitute a change of control in our partnership agreement. From the date of issuance through the election date, the Rate Reset Election was bifurcated and accounted for separately as an embedded derivative and recorded at fair value at each reporting period in “Other long-term liabilities” in our Consolidated Balance Sheets. As of the election date, the feature within the Class A Convertible Preferred Units that required bifurcation no longer existed and we have adjusted the carrying value of the Class A Convertible Preferred Units to include the fair value of the previously bifurcated amount at the election date. Refer to Note 18 and Note 19 for additional discussion. As of December 31, 2022, we will not be required to further adjust the carrying amount of our Class A Convertible Preferred Units until it becomes probable that they would become redeemable. Once redemption becomes probable, we would adjust the carrying amount of our Class A Convertible Preferred Units to the redemption value over a period of time comprising the date the feature first becomes probable and the date the units can first be redeemed. We paid the following cash distributions to our Class A Convertible Preferred unitholders:
There were 25,336,778 Class A Convertible Preferred Units outstanding as of December 31, 2022. All quarterly distributions subsequent to the first quarter of 2019 have been paid in cash and as such there have been no changes to the number of Class A Convertible Preferred Units outstanding since May 15, 2019. Net income (loss) attributable to Genesis Energy, L.P. is reduced by Class A Convertible Preferred Unit distributions that accumulated during the period. Net income (loss) attributable to Genesis Energy, L.P. was reduced by $80.1 million, $74.7 million, and $74.7 million for the years ended December 31, 2022, 2021 and 2020, respectively, as a result of distributions that accumulated during each period. Redeemable Noncontrolling Interests On September 23, 2019, we, through a subsidiary, Genesis Alkali Holdings Company, LLC (“Alkali Holdings”), the entity that holds our trona and trona-based exploring, mining, processing, producing, marketing, and selling business, including its Granger facility near Green River, Wyoming, entered into an amended and restated Limited Liability Company Agreement of Alkali Holdings (the “LLC Agreement”) and a Securities Purchase Agreement (the “Securities Purchase Agreement”) whereby certain investment fund entities affiliated with Blackstone Alternative Credit Advisors LP, formerly known as “GSO Capital Partners LP” (collectively, “BXC”) purchased $55.0 million of preferred units (or 55,000 preferred units) and committed to purchase, during a three-year commitment period, up to a total of $350.0 million of preferred units (or 350,000 preferred units) in Alkali Holdings (the “Alkali Holdings preferred units”). Alkali Holdings utilized the net proceeds from the preferred units to fund a portion of the anticipated cost of the Granger Optimization Project. On April 14, 2020, we entered into an amendment to our agreements with BXC to, among other things, extend the construction timeline of the Granger Optimization Project by one year, which we currently anticipate completing in the second half of 2023. In consideration for the amendment, we issued 1,750 Alkali Holdings preferred units to BXC, which was accounted for as issuance costs. As part of the amendment, the commitment period was increased to four years, and the total commitment of BXC was increased to $351.8 million preferred units (or 351,750 preferred units) in Alkali Holdings. From time to time after we had drawn at least $251.8 million, we had the option to redeem the outstanding preferred units in whole for cash at a price equal to the initial $1,000 per preferred unit purchase price, plus no less than the greater of a predetermined fixed internal rate of return amount (“IRR”) or a multiple of invested capital metric (“MOIC”), net of cash distributions paid to date (“Base Preferred Return Amount”). Additionally, if all outstanding preferred units were redeemed, we had not drawn at least $251.8 million, and BXC was not a “defaulting member” under the LLC Agreement, BXC had the right to a make-whole amount on the number of undrawn preferred units. On May 17, 2022 (the “Redemption Date”), we fully redeemed the 251,750 outstanding Alkali Holdings preferred units at a Base Preferred Return Amount of $288.6 million utilizing a portion of the proceeds we received from the issuance of our Alkali senior secured notes (Note 10). As of December 31, 2022, there were no Alkali Holdings preferred units outstanding. Accounting for Redeemable Noncontrolling Interests Classification Prior to the Redemption Date, the Alkali Holdings preferred units issued and outstanding were accounted for as a redeemable noncontrolling interest in the mezzanine section on our Consolidated Balance Sheets due to the redemption features for a change of control. Initial and Subsequent Measurement We recorded the Alkali Holdings preferred units at their issuance date fair value, net of issuance costs. The fair value of the Alkali Holdings preferred units was approximately $270.1 million as of May 16, 2022, which represented the carrying amount based on the issued and outstanding Alkali Holdings preferred units most probable redemption event on the six and a half year anniversary of the closing, which was the IRR measure accreted using the effective interest method to the redemption value as of each reporting date. On May 16, 2022, certain events occurred that made it probable that an early redemption event on the Alkali Holdings preferred units would occur and the outstanding preferred units would be redeemed at the MOIC, as it was greater than the IRR at the time of the redemption. This required the Company to revalue the Alkali Holdings preferred units to the redemption amount of $288.6 million, which represented the MOIC, net of cash distributions (including tax distributions) paid to date. Net Income Attributable to Genesis Energy, L.P. for the year ended December 31, 2022 includes $30.4 million of adjustments, of which $10.0 million was allocated to the distribution paid in-kind (“PIK”) on the outstanding preferred units, $1.9 million was attributable to redemption accretion value adjustments, and $18.5 million was attributable to a change in the Base Preferred Return Amount of the Alkali Holdings preferred units. Net Loss Attributable to Genesis Energy, L.P. for the year ended December 31, 2021 includes $25.4 million of adjustments, of which $21.3 million was allocated to the PIK distributions on the outstanding preferred units and $4.1 million was attributable to redemption accretion value adjustments. Net Loss Attributable to Genesis Energy, L.P. for the year ended December 31, 2020 includes $16.1 million of adjustments, of which $13.8 million was allocated to the PIK distributions on the outstanding preferred units and $2.3 million was attributable to redemption accretion value adjustments. We elected to pay distributions for the periods ended December 31, 2022, December 31, 2021 and December 31, 2020 in-kind to our Alkali Holdings preferred unitholders. The following table shows the change in our redeemable noncontrolling interests from December 31, 2020 to December 31, 2022:
(1)We issued 5,356 and 10,145 Alkali Holdings preferred units to BXC to satisfy the Company’s obligation to pay tax distributions during 2022 and 2021, respectively. Noncontrolling Interests On November 17, 2021, we, through a subsidiary, sold 36% of the membership interests in CHOPS for proceeds of approximately $418 million. We retained 64% of the membership interests in CHOPS and remain the operator of the CHOPS pipeline and associated assets. We also own an 80% membership interest in Independence Hub, LLC. On April 29, 2022, we entered into an agreement to sell the Independence Hub platform to a producer group in the Gulf of Mexico for gross proceeds of $40.0 million, of which $8.0 million, or 20%, was attributable and paid to our noncontrolling interest holder. For the year ended December 31, 2022, we recorded a gain of $40.0 million recorded in “Gain on sale of asset” on the Consolidated Statement of Operations, of which $8.0 million, or 20%, is attributable to our noncontrolling interest holder, as the platform asset sold had no book value at the time of the sale. For financial reporting purposes, the assets and liabilities of these entities are consolidated with those of our own, with any third party or affiliate interest in our Consolidated Balance Sheets amounts shown as noncontrolling interests in equity.
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Net Income (Loss) Per Common Unit |
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| Net Income per Common Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income (Loss) Per Common Unit | Net Income (Loss) Per Common Unit Basic net income (loss) per common unit is computed by dividing Net Income (Loss) Attributable to Genesis Energy, L.P., after considering income attributable to our Class A preferred unitholders, by the weighted average number of common units outstanding. The dilutive effect of the Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, the Class A Convertible Preferred Units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income per common unit calculation for the period being presented. Distributions declared in the period and undeclared distributions that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. For the years ended December 31, 2022, 2021, and 2020, the effect of the assumed conversion of our Class A Convertible Preferred Units was anti-dilutive and was not included in the computation of diluted earnings per unit. The following table reconciles Net income (loss) and weighted average units used in computing basic and diluted Net income (loss) per common unit (in thousands, except per unit amounts):
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Business Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segment Information | Business Segment Information We currently manage our businesses through four divisions that constitute our reportable segments: •Offshore pipeline transportation – offshore transportation of crude oil and natural gas in the Gulf of Mexico; •Sodium minerals and sulfur services – 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, NaHS; •Onshore facilities and transportation – terminaling, blending, storing, marketing and transporting crude oil and petroleum products; and •Marine transportation – marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America. Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States. We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash gains and charges, such as depreciation, depletion, amortization and accretion), segment general and administrative expenses, all of which are net of the effects of our noncontrolling interests, plus our equity in distributable cash generated by our equity investees and unrestricted subsidiaries. In addition, our Segment Margin definition excludes the non-cash effects of our long-term incentive compensation plan and includes the non-income portion of payments received under our previously owned direct financing lease. Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment. Segment information for each year presented below is as follows:
(1)A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin to for each year is presented below. (2)Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as contributions to equity investees, if any. (3)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Total assets by reportable segment were as follows:
Reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin:
(1)Includes distributions attributable to the period and received during or promptly following such period. (2)Includes unrealized losses of $18.6 million, $30.8 million and $0.9 million from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units in 2022, 2021 and 2020, respectively. Also includes unrealized gains of $24.4 million and $0.1 million, and an unrealized loss of $0.3 million, from the valuation of our commodity derivative transactions (excluding fair value hedges) in 2022, 2021, and 2020, respectively. (3)2022 includes $32.0 million in cash receipts associated with the sale of the Independence Hub platform by our 80% owned unrestricted subsidiary (as defined under our credit agreement), Independence Hub, LLC. 2021 includes $70.0 million in cash receipts associated with principal repayments on our previously owned NEJD pipeline not included in income. 2020 includes cash payments received from our NEJD pipeline of $48.0 million not included in income and distributions from our Free State pipeline of $22.5 million not included in income, both of which are defined as unrestricted subsidiaries under our credit agreement. (4)Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.
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Transactions with Related Parties |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Related Parties | Transactions with Related Parties Transactions with related parties were as follows:
(1) We own a 64% interest in Poseidon Oil Pipeline Company, LLC. Our CEO, Mr. Sims, owns an aircraft which is used by us for business purposes in the course of operations. We pay Mr. Sims a fixed monthly fee and reimburse the aircraft management company for costs related to our usage of the aircraft, including fuel and the actual out-of-pocket costs. Based on current market rates for chartering of private aircraft under long-term, priority arrangements with industry recognized chartering companies, we believe that the terms of this arrangement are no worse than what we could have expected to obtain in an arms-length transaction. Transactions with Unconsolidated Affiliates Poseidon We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the years ended December 31, 2022, 2021 and 2020 reflect $9.7 million, $9.4 million and $9.2 million, respectively, of fees we earned through the provision of services under that agreement. At December 31, 2022, and 2021, Poseidon Oil Pipeline Company, LLC owed us $2.4 million for services rendered. ANSAC We (through a subsidiary of our Alkali Business) are a member of the American Natural Soda Ash Corp. (“ANSAC”), an organization whose purpose is promoting and increasing the use and sale of natural soda ash and other refined or processed sodium products produced in the U.S. and consumed in specified countries outside of the U.S. ANSAC passes its costs through to its members using a pro rata calculation based on sales. Those costs include sales and marketing, employees, office supplies, professional fees, travel, rent, and certain other costs. Those transactions do not necessarily represent arm's length transactions and may not represent all costs we would have otherwise incurred if we operated the Alkali Business on a stand-alone basis. We also benefit from favorable shipping rates for our direct exports when using ANSAC to arrange for ocean transport. Beginning on January 1, 2023, we became the sole member of ANSAC (see further discussion in Note 23). Net sales to ANSAC were $418.2 million, $280.9 million and $236.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The costs charged to us by ANSAC, included in “Sodium minerals and sulfur services operating costs” on the Consolidated Statements of Operations, were $9.9 million, $1.2 million and $2.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, our receivables from and payables to ANSAC were:
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Supplemental Cash Flow Information |
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| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides information regarding the net changes in components of operating assets and liabilities:
Payments of interest and commitment fees were $236.9 million, $202.0 million and $200.6 million during the years ended December 31, 2022, 2021 and 2020, respectively. We capitalized interest of $18.1 million, $4.4 million and $1.9 million during the years ended December 31, 2022, 2021 and 2020, respectively. During the years ended December 31, 2022, 2021 and 2020, we paid taxes of $1.0 million, $0.7 million and $0.8 million, respectively. At December 31, 2022, 2021 and 2020, we had incurred liabilities for fixed and intangible asset additions totaling $93.5 million, $51.7 million and $29.1 million, respectively, which had not been paid at the end of the year. Therefore, these amounts were not included in the caption “Payments to acquire fixed and intangible assets” under Cash Flows from Investing Activities in the Consolidated Statements of Cash Flows. The increase in this amount is principally due to the increase in capital expenditures associated with our Granger Optimization Project (Note 11) and our offshore growth capital projects.
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Equity-Based Compensation Plans |
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| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation Plans | Equity-Based Compensation Plans 2010 Long Term Incentive Plan In 2010, we adopted the 2010 Long-Term Incentive Plan (the “2010 Plan”). The 2010 Plan provides for the awards of phantom units and distribution equivalent rights to members of our board of directors and employees who provide services to us. Phantom units are notional units representing unfunded and unsecured promises to pay to the participant a specified amount of cash based on the market value of our common units should specified vesting requirements be met. Distribution equivalent rights (“DERs”) are tandem rights to receive on a quarterly basis a cash amount per phantom unit equal to the amount of cash distributions paid per common unit. The 2010 Plan is administered by the Governance, Compensation and Business Development Committee (the “G&C Committee”) of our board of directors. The G&C Committee (at its discretion) designates participants in the 2010 Plan, determines the types of awards to grant to participants, determines the number of units to be covered by any award, and determines the conditions and terms of any award including vesting, settlement and forfeiture conditions. The compensation cost associated with the phantom units is re-measured each reporting period based on the market value of our common units, and is recognized over the vesting period. The liability recorded for the estimated amount to be paid to the participants under the 2010 Plan is adjusted to recognize changes in the estimated compensation cost and vesting. During 2022, we granted 70,068 phantom units with tandem DERs at a weighted average grant fair value of $9.92 per unit. During 2021, we granted 71,340 phantom units with tandem DERs at a weighted average grant date fair value of $8.83 per unit. During 2020, we granted 107,572 phantom units with tandem DERs at a weighted average grant date fair value of $5.86 per unit. The phantom units granted for 2022, 2021, and 2020 were made only to directors. Awards to management and other key employees during 2022 and 2021 were made under the 2018 LTIP plan, and were not equity-based awards. A summary of our phantom unit activity for our service-based awards to our directors is set forth below:
We recorded compensation expense of $0.7 million, $1.4 million, and a credit to compensation expense of $1.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Our liability for these awards totaled $2.1 million and $2.2 million at December 31, 2022 and 2021, respectively, and is included within “Accrued liabilities” on the Consolidated Balance Sheets. Equity-Based Compensation Plan Expense Equity-based compensation expense (credit) during the three years ended December 31, 2022 was as follows:
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Major Customers and Credit Risk |
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| Risks and Uncertainties [Abstract] | |
| Major Customers and Credit Risk | Major Customers and Credit Risk Due to the nature of our onshore facilities and transportation operations, a disproportionate percentage of our trade receivables constitute obligations of refiners, large crude oil producers and integrated oil companies. This industry concentration has the potential to impact our overall exposure to credit risk, either positively or negatively, in that our customers could be affected by similar changes in economic, industry or other conditions. However, we believe that the credit risk posed by this industry concentration is offset by the creditworthiness of our customer base. Our portfolio of accounts receivable is comprised in large part of accounts owed by integrated and large independent energy companies with stable payment histories. The credit risk related to contracts which are exchange-traded is limited due to daily margin requirements of the exchange. We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits, collateral requirements and rights of offset. Letters of credit, prepayments and guarantees are also utilized to limit credit risk to ensure that our established credit criteria are met. In 2022, 2021 and 2020 our largest customer was ANSAC, which accounted for 15%, 13% and 13% of total consolidated revenues, respectively. As discussed in Note 14, ANSAC’s purpose is promoting and increasing the use and sale of natural soda ash and other refined or processed sodium products produced in the U.S. and consumed in specified countries outside of the U.S. Given this relationship, a large portion of our soda ash production is sold to ANSAC. As such, a disproportionate amount of our trade receivables and sales in our sodium minerals and sulfur services segment are related to ANSAC.
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Derivatives |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives | Derivatives Commodity Derivatives We have exposure to commodity price changes related to our inventory and purchase commitments. We utilize derivative instruments (exchange-traded futures, options and swap contracts) to hedge our exposure to commodity prices, primarily of crude oil, fuel oil, natural gas and petroleum products. Our decision as to whether to designate derivative instruments as fair value hedges for accounting purposes relates to our expectations of the length of time we expect to have the commodity price exposure and our expectations as to whether the derivative contract will qualify as highly effective under accounting guidance in limiting our exposure to commodity price risk. Most of the petroleum products, including fuel oil that we supply, cannot be hedged with a high degree of effectiveness with exchange-traded derivative contracts; therefore, we do not designate derivative contracts utilized to limit our price risk related to petroleum products as hedges for accounting purposes. Typically we utilize crude oil and other petroleum products futures and option contracts to limit our exposure to the effect of fluctuations in petroleum products prices on the future sale of our inventory or commitments to purchase petroleum products, and we recognize any changes in fair value of the derivative contracts as increases or decreases in our cost of sales. The recognition of changes in fair value of the derivative contracts not designated as hedges for accounting purposes can occur in reporting periods that do not coincide with the recognition of gain or loss on the actual transaction being hedged. Therefore we will, on occasion, report gains or losses in one period that will be partially offset by gains or losses in a future period when the hedged transaction is completed. We have designated certain crude oil futures contracts as hedges of crude oil inventory due to our expectation that these contracts will be highly effective in hedging our exposure to fluctuations in crude oil prices during the period that we expect to hold that inventory. We account for these derivative instruments as fair value hedges under the accounting guidance. Changes in the fair value of these derivative instruments designated as fair value hedges are used to offset related changes in the fair value of the hedged crude oil inventory. Any hedge ineffectiveness in these fair value hedges and any amounts excluded from effectiveness testing are recorded as a gain or loss within “Onshore facilities and transportation costs - product costs” in the Consolidated Statements of Operations. In accordance with exchange requirements, we fund the margin associated with our exchange-traded commodity derivative contracts. The amount of the margin is adjusted daily based on the fair value of the commodity derivative contracts. Margin requirements are intended to mitigate a party’s exposure to market volatility and counterparty credit risk. We offset fair value amounts recorded for our exchange-traded derivative contracts against margin funding in “Current Assets - Other” in our Consolidated Balance Sheets. Additionally, we utilize swap arrangements. Our Alkali Business relies on natural gas to generate heat and electricity for operations. We use a combination of commodity price swap contracts, future purchase contracts and option contracts to manage our exposure to fluctuations in natural gas prices. The swap contracts fix the basis differential between NYMEX Henry Hub and NW Rocky Mountain posted prices. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of natural gas derivative contracts as increases or decreases within “Sodium minerals and sulfur services operating costs” in the Consolidated Statements of Operations. At December 31, 2022, we had the following outstanding commodity derivative commodity contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases.
Financial Statement Impacts The following table summarizes the accounting treatment and classification of our derivative instruments on our Consolidated Financial Statements.
Unrealized gains are subtracted from net income and unrealized losses are added to net income in determining cash flows from operating activities. To the extent that we have fair value hedges outstanding, the offsetting change recorded in the fair value of inventory is also eliminated from net income in determining cash flows from operating activities. Changes in margin deposits necessary to fund unrealized losses also affect cash flows from operating activities. The following tables reflect the estimated fair value position of our derivatives at December 31, 2022 and 2021: Fair Value of Derivative Assets and Liabilities
(1)These derivative liabilities have been funded with margin deposits recorded in our Consolidated Balance Sheets under “Current Assets - Other.” (2)Refer to Note 11 and Note 19 for additional discussion surrounding the Preferred Distribution Rate Reset Election derivative. Our accounting policy is to offset derivative assets and liabilities executed with the same counterparty when a master netting arrangement exists. Accordingly, we also offset derivative assets and liabilities with our cash margin balance. Our exchange-traded derivatives are transacted through brokerage accounts and are subject to margin requirements as established by the respective exchange. On a daily basis, our account equity (consisting of the sum of our cash margin balance and the fair value of our open derivatives) is compared to our initial margin requirement resulting in the payment or return of variation margin. As of December 31, 2022, we had a net broker receivable of approximately $4.0 million (consisting of initial margin of $3.8 million increased by $0.2 million of variation margin). As of December 31, 2021, we had a net broker receivable of approximately $2.9 million (consisting of initial margin of $2.1 million increased by $0.8 million of variation margin). At December 31, 2022 and December 31, 2021, none of our outstanding derivatives contained credit-risk related contingent features that would result in a material adverse impact to us upon any change in our credit ratings. Preferred Distribution Rate Reset Election A derivative feature embedded in a contract that does not meet the definition of a derivative in its entirety must be bifurcated and accounted for separately if the economic characteristics and risks of the embedded derivative are not clearly and closely related to those of the host contract. For a period of 30 days following (i) September 1, 2022 and (ii) each subsequent anniversary thereof, the holders of our Class A Convertible Preferred Units may make a Rate Reset Election to a cash amount per preferred unit equal to the amount that would be payable per quarter if a preferred unit accrued interest on the Issue Price at an annualized rate equal to three-month LIBOR plus 750 basis points; provided, however, that such reset rate shall be equal to 10.75% if (i) such alternative rate is higher than the LIBOR-based rate and (ii) the then market price for our common units is then less than 110% of the Issue Price. The Rate Reset Election of our Class A Convertible Preferred Units represents an embedded derivative that must be bifurcated from the related host contract and recorded at fair value on our Unaudited Condensed Consolidated Balance Sheets. Corresponding changes in fair value are recognized in “Other income (expense)” in our Unaudited Condensed Consolidated Statement of Operations. On the election date, the holders of the Class A Convertible Preferred Units elected to reset the rate to 11.24%, the sum of the three-month LIBOR of 3.74% plus 750 basis points. The fair value of the embedded derivative at the time of election was a liability of $101.8 million. As of the election date, the feature within the Class A Convertible Preferred Units that required bifurcation no longer existed and we have adjusted the carrying value of the Class A Convertible Preferred Units to include the fair value of the previously bifurcated amount at the election date See Note 11 for additional information regarding our Class A Convertible Preferred Units and the Rate Reset Election. Effect on Operating Results
We have no derivative contracts with credit contingent features.
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| Fair-Value Measurements | Fair-Value Measurements We classify financial assets and liabilities into the following three levels based on the inputs used to measure fair value: (1) Level 1 fair values are based on observable inputs such as quoted prices in active markets for identical assets and liabilities; (2) Level 2 fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and (3) Level 3 fair values are based on unobservable inputs in which little or no market data exists. As required by fair value accounting guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2022 and 2021.
Rollforward of Level 3 Fair Value Measurements The following table provides a reconciliation of changes in fair value at the beginning and ending balances for our derivatives classified as level 3:
Our commodity derivatives include exchange-traded futures and exchange-traded options contracts. The fair value of these exchange-traded derivative contracts is based on unadjusted quoted prices in active markets and is, therefore, included in Level 1 of the fair value hierarchy. The fair value of the swaps contracts was determined using market price quotations and a pricing model. The swap contracts were considered a level 2 input in the fair value hierarchy at December 31, 2022. The fair value of the embedded derivative feature was based on a valuation model that estimates the fair value of the convertible preferred units with and without a Rate Reset Election. This model contained inputs, including our common unit price relative to the issuance price, the current dividend yield, the discount yield (which is adjusted periodically for changes associated with the industry’s credit markets), default probabilities, equity volatility, U.S. Treasury yields and timing estimates which involved management judgment. Our equity volatility rate used to value our embedded derivative feature was 50% at September 29, 2022, which represented the final valuation date of the embedded derivative due to the Rate Reset Election. Due primarily to the election of the rate reset increasing the distribution rate from 8.75% to 11.24%, we recorded an unrealized loss of $18.6 million for the year ended December 31, 2022. Due primarily to a decrease in our discount yield compared to December 31, 2020 as a result of significant fluctuations in the energy industry credit markets and volatility in our common unit price during the period, we recorded an unrealized loss of $30.8 million for the year ended December 31, 2021. Due primarily to a an increase in our volatility rate compared to December 31, 2019, we recorded an unrealized loss of $0.9 million for the year ended December 31, 2020. We report unrealized gains and losses associated with this embedded derivative in our Consolidated Statements of Operations as “Other expense, net.” Nonfinancial Assets and Liabilities We utilize fair value on a non-recurring basis to perform impairment tests as required on our property, plant and equipment, goodwill and intangible assets. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified in Level 3, in the event that we were required to measure and record such assets within our Consolidated Financial Statements. Additionally, we use fair value to determine the inception value of our asset retirement obligations. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition, and would generally be classified in Level 3. Other Fair Value Measurements We believe the debt outstanding under our senior secured credit facility approximates fair value as the stated rate of interest approximates current market rates of interest for similar instruments with comparable maturities. At December 31, 2022 our senior unsecured notes had a carrying value of $2.9 billion and fair value of $2.7 billion, compared to a carrying value of $3.0 billion and fair value of $3.0 billion at December 31, 2021. The fair value of the senior unsecured notes is determined based on trade information in the financial markets of our public debt and is considered a Level 2 fair value measurement. At December 31, 2022, our Alkali senior secured notes had a carrying value of $0.4 billion and fair value of $0.4 billion. The fair value of the Alkali senior secured notes is determined based on trade information in the financial market of securities with similar features and is considered a Level 2 fair value measurement.
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Employee Benefit Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Employee Benefit PlansWe sponsor a defined benefit pension plan for union-only employees of our Alkali Business. We account for the Alkali Business pension plan as a single employer pension plan that benefits only employees of our Alkali Business, and thus, the related assets and liability costs of the plan are recorded in the Consolidated Balance Sheets. Under the Alkali Business pension plan, each eligible employee will automatically become a participant upon completion of one year of credited service. Retirement benefits under this plan are calculated based on the total years of service of an eligible participant, multiplied by a specified benefit rate in effect at the termination of the plan participant’s years of service. The change in benefit obligations, plan assets and funded status along with amounts recognized in the Consolidated Balance Sheets are as follows:
Estimated Future Cash Flows- The following employer contributions and benefit payments, which reflect expected future service, are expected to be paid as follows:
Net Periodic Pension Costs- The components of net periodic pension costs for the Alkali benefit plan are as follows:
Significant Assumptions - Discount rates are determined annually and are based on rates of return of high-quality long-term fixed income securities currently available and expected to be available during the maturity of the pension benefits. The long-term rate of return estimation for the Alkali Business pension plan is based on a capital asset pricing model using historical data and a forecasted earnings model. An expected return on plan assets analysis is performed which incorporates the current portfolio allocation, historical asset-class returns and an assessment of expected future performance using asset-class risk factors. The Alkali Business pension plan is administered by a Board-appointed committee that has fiduciary responsibility for the plan’s management. The committee is responsible for the oversight and management of the plan’s investments. The committee maintains an investment policy that provides guidelines for selection and retention of investment managers or funds, allocation of plan assets and performance review procedures and updating of the policy. The objective of the committee’s investment policy is to manage the plan assets in such a way that will allow for the on-going payment of the Company’s obligation to the beneficiaries.
The discount rate used to determine the net periodic cost at the beginning of the period was 3.27%. Pension Plan Assets - We maintain target allocation percentages among various asset classes based on an investment policy established for the pension plan, which was last amended in November 2020. The target allocation is designed based on the strategic objectives, spending policy and risk tolerance of the plan. Pension plan asset allocations at December 31, 2022 by asset category are as follows:
A summary of total investments for our pension plan assets measured at fair value is presented as of December 31 for the periods below:
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2022 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Commitments and Guarantees We are subject to various environmental laws and regulations. Policies and procedures are in place to monitor compliance and to detect and address any releases of crude oil from our pipelines or other facilities; however no assurance can be made that such environmental releases may not substantially affect our business. Other Matters Our facilities and operations may experience damage as a result of an accident or natural disaster. These hazards can cause personal injury or loss of life, severe damage to and destruction of property and equipment, pollution or environmental damage and suspension of operations. We maintain insurance that we consider adequate to cover our operations and properties, in amounts we consider reasonable. Our insurance does not cover every potential risk associated with operating our facilities, including the potential loss of significant revenues. The occurrence of a significant event that is not fully-insured could materially and adversely affect our results of operations. We believe we are adequately insured for public liability and property damage to others and that our coverage is similar to other companies with operations similar to ours. No assurance can be made that we will be able to maintain adequate insurance in the future at premium rates that we consider reasonable. We are subject to lawsuits in the normal course of business and examination by tax and other regulatory authorities. We do not expect such matters presently pending to have a material effect on our financial position, results of operations or cash flows.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes We are not a taxable entity for federal income tax purposes. As such, we do not directly pay federal income taxes. Other than with respect to our corporate subsidiaries and the Texas Margin Tax, our taxable income or loss is includible in the federal income tax returns of each of our partners. A few of our operations are owned by wholly-owned corporate subsidiaries that are taxable as corporations. During 2022, we paid federal and state income taxes on these operations. Our income tax (benefit) expense is as follows:
Deferred income taxes relate to temporary differences based on tax laws and statutory rates that were enacted at the balance sheet date. Deferred tax assets and liabilities consist of the following:
We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. The reconciliation between the Partnership's effective tax rate on income (loss) from operations and the statutory tax rate is as follows:
At December 31, 2022, 2021 and 2020, we had no uncertain tax positions.
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2022 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On January 1, 2023, we became the sole member of ANSAC and ANSAC became a wholly owned subsidiary of Genesis Alkali Wyoming, L.P. As the sole member of the organization, beginning in 2023, we will include the assets, liabilities, and operating results of ANSAC within our consolidated financial statements. On January 25, 2023, we issued $500.0 million in aggregate principal amount of our 2030 Notes. Interest payments are due April 15 and October 15 of each year with the initial interest payment due on October 15, 2023. The issuance generated net proceeds of approximately$491 million, net of issuance costs incurred. The net proceeds were used to purchase approximately $316 million of our existing 2024 Notes, including the related accrued interest and tender premium and fees on those notes that were tendered in the tender offer that ended January 24, 2023 and the remaining proceeds at the time were used to repay a portion of the borrowings outstanding under our senior secured credit facility and for general partnership purposes. On January 26, 2023 we issued a notice of redemption for the remaining principal of approximately $25 million of our 2024 Notes, and discharged the indebtedness with respect to the 2024 Notes on February 14, 2023 by depositing the redemption amount with the trustee of the 2024 Notes for redemption of the 2024 Notes on February 25, 2023, all in accordance with the terms and conditions of the indenture governing the 2024 Notes. On February 17, 2023, we entered into the Sixth Amended and Restated Credit Agreement (our “new credit agreement”) to replace our Fifth Amended and Restated Credit Agreement. Our new credit agreement provides for a $850 million senior secured revolving credit facility. The new credit agreement matures on February 13, 2026, subject to extension at our request for additional year on up to two occasions and subject to certain conditions, unless more than $150 million of our 2025 Notes remain outstanding as of June 30, 2025, in which case the new credit agreement matures on such date.
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2022 | |
| Accounting Policies [Abstract] | |
| Basis of Consolidation and Presentation | Basis of Consolidation and Presentation The accompanying financial statements and related notes present our consolidated financial position as of December 31, 2022 and 2021 and our results of operations, statements of comprehensive income (loss), changes in partners’ capital and cash flows for the years ended December 31, 2022, 2021 and 2020. All intercompany balances and transactions have been eliminated. The accompanying Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries. 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.
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| Joint Ventures | Joint Ventures We participate in several joint ventures, including, in our offshore pipeline transportation segment, a 64% interest in Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”), a 25.7% interest in Neptune Pipeline Company, LLC, a 29% interest in Odyssey Pipeline L.L.C. (“Odyssey”), and a 26.8% interest in Paloma Pipeline Company (“Paloma”). We account for our investments in these joint ventures by the equity method of accounting. See Note 8. Noncontrolling interests Noncontrolling interests represent any third party or affiliate interest in non-wholly owned entities that we consolidate. For financial reporting purposes, the assets and liabilities of these entities are consolidated with those of our own, with any third party or affiliate interest in our Consolidated Balance Sheets amounts shown as noncontrolling interests in equity. See Note 11 for additional discussion regarding our noncontrolling interests.
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| Use of Estimates | Use of Estimates The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. We based these estimates and assumptions on historical experience and other information that we believed to be reasonable under the circumstances. Significant estimates that we make include: (1) liability and contingency accruals, including the estimates of future asset retirement obligations, (2) estimated fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets, (3) estimates of future net cash flows from assets for purposes of determining whether impairment of those assets has occurred, (4) estimates of variable consideration for revenue recognition, (5) estimated fair value of derivative instruments, and (6) estimated useful lives of our fixed and intangible assets (including the reserve life of our mineral leaseholds) for the use in calculating depreciation, depletion, and amortization of long-lived assets and intangible assets. While we believe these estimates are reasonable, actual results could differ from these estimates. Changes in facts and circumstances may result in revised estimates.
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all demand deposits and funds invested in highly liquid instruments with original maturities of three months or less. We periodically assess the financial condition of the institutions where these funds are held and believe that our credit risk is minimal. Restricted Cash Our restricted cash balance represents a liquidity reserve account owned by GA ORRI to be held as collateral for future interest and principal payments associated with the Alkali senior secured notes.
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| Accounts Receivable | Accounts Receivable We review our outstanding accounts receivable balances on a regular basis and estimate an allowance for amounts that we expect will not be fully recovered. An allowance for credit losses is determined based upon historical collectability trends, recoveries, historical write-offs, and current market data for the Partnership’s customers in order to estimate projected losses. Actual balances are not applied against the reserve until substantially all collection efforts have been exhausted.
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| Inventories | Inventories Our inventories are valued at the lower of cost and net realizable value. With the exception of our Alkali Business, cost is determined principally under the average cost method within specific inventory pools. Within our Alkali Business, the cost of inventories are determined using the FIFO method, except for materials and supplies which are recorded at average cost, and raw materials which are recorded at standard cost, which approximates actual cost.
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| Fixed Assets and Mineral Leaseholds | Fixed Assets and Mineral Leaseholds Property and equipment are carried at cost. Depreciation of property and equipment is provided using the straight-line method over the respective estimated useful lives of the assets. Asset lives are 5 to 40 years for pipelines and related assets, 20 to 30 years for marine vessels, 3 to 30 years for machinery and equipment, 3 to 7 years for transportation equipment, and 3 to 20 years for buildings and improvements, office equipment, furniture and fixtures and other equipment. Interest is capitalized in connection with the construction of major facilities. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Maintenance and repair costs are charged to expense as incurred. Costs incurred for major replacements and upgrades are capitalized and depreciated over the remaining useful life of the asset. Certain volumes of crude oil and refined products are classified in fixed assets, as they are necessary to ensure efficient and uninterrupted operations of the gathering businesses. These crude oil and refined products volumes are carried at their weighted average cost. Long-lived assets are reviewed for impairment. An asset is tested for impairment when events or circumstances indicate that its carrying value may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated from the use and ultimate disposal of the asset. If the carrying value is determined to not be recoverable under this method, an impairment charge equal to the amount the carrying value exceeds the fair value is recognized. Fair value is generally determined from estimated discounted future net cash flows. Mineral leaseholds are depleted over their useful lives as determined under the units of production method. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property through the commencement of production are capitalized.
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| Deferred Charges on Marine Transportation Assets | Deferred Charges on Marine Transportation Assets Our marine vessels are required by US Coast Guard regulations to be re-certified after a certain period of time, usually every five years. The US Coast Guard states that vessels must meet specified “seaworthiness” standards to maintain required operating certificates. To meet such standards, vessels must undergo regular inspection, monitoring, and maintenance, referred to as “dry-docking.” Typical dry-docking costs include costs incurred to comply with regulatory and vessel classification inspection requirements, blasting and steel coating, and steel replacement. We defer and amortize these costs to maintenance and repair expense over the length of time that the certification is supposed to last.
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| Asset Retirement Obligations | Asset Retirement ObligationsSome of our assets have contractual or regulatory obligations to perform dismantlement and removal activities, and in some instances remediation, when the assets are abandoned. In general, our asset retirement obligations (“AROs”) relate to future costs associated with the disconnecting or removing of our crude oil and natural gas pipelines and platforms, barge decommissioning, removal of equipment and facilities from leased acreage and land restoration. The estimated fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred, discounted to its present value using our credit adjusted risk-free interest rate, and a corresponding amount is capitalized by increasing the carrying amount of the related long-lived asset. The capitalized cost is depreciated over the useful life of the related asset. An ongoing expense is recognized for changes in fair value of the liability as a result of the passage of time, which is recorded as accretion expense and included within operating costs in the Consolidated Statements of Operations. |
| Leases, lessee | Lease Accounting We enter into operating lease contracts for the right to utilize certain transportation equipment, facilities and equipment, and office space from third parties. For contracts that contain a lease and extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our Consolidated Balance Sheets. The present value of each lease is based on the future minimum lease payments in accordance with ASC 842 and is determined by discounting these payments using an incremental borrowing rate. From time to time, we enter into agreements in which we are lessors of our property or equipment. For operating leases, revenue is recognized upon the satisfaction of the respective performance obligation. For direct finance leases, we record the gross finance receivable, unearned income and the estimated residual value of the leased pipelines. Unearned income represents the excess of the gross receivable plus the estimated residual value over the costs of the pipelines. Unearned income is recognized as financing income using the interest method over the term of the transaction. The pipeline cost is not included in fixed assets. |
| Leases, lessor | Lease Accounting We enter into operating lease contracts for the right to utilize certain transportation equipment, facilities and equipment, and office space from third parties. For contracts that contain a lease and extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our Consolidated Balance Sheets. The present value of each lease is based on the future minimum lease payments in accordance with ASC 842 and is determined by discounting these payments using an incremental borrowing rate. From time to time, we enter into agreements in which we are lessors of our property or equipment. For operating leases, revenue is recognized upon the satisfaction of the respective performance obligation. For direct finance leases, we record the gross finance receivable, unearned income and the estimated residual value of the leased pipelines. Unearned income represents the excess of the gross receivable plus the estimated residual value over the costs of the pipelines. Unearned income is recognized as financing income using the interest method over the term of the transaction. The pipeline cost is not included in fixed assets. |
| Intangible and Other Assets | Intangible and Other Assets Intangible assets with finite useful lives are amortized over their respective estimated useful lives on a straight-line basis. If an intangible asset has a finite useful life, but the precise length of that life is not known, that intangible asset shall be amortized over the best estimate of its useful life. At a minimum, we will assess the useful lives and residual values of all intangible assets on an annual basis to determine if adjustments are required. We test intangible assets periodically to determine if impairment has occurred. An impairment loss is recognized for intangibles if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. No impairment has occurred of intangible assets in any of the periods presented. Costs incurred in connection with our credit facilities and their related amendments have historically been capitalized and amortized using the straight-line method over the term of the related debt. Use of the straight-line method does not differ materially from the “effective interest” method of amortization. Certain of our capitalized debt issuance costs related to our respective issuances of notes are classified as reductions in long-term debt.
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| Goodwill | Goodwill Goodwill represents the excess of purchase price over fair value of net assets acquired. We evaluate, and test if necessary, goodwill for impairment annually at October 1, and more frequently if indicators of impairment are present. During the evaluation, we may perform a qualitative assessment of relevant events and circumstances to determine the likelihood of goodwill impairment. If it is deemed more likely than not that the fair value of the reporting unit is less than its carrying amount, we calculate the fair value of the reporting unit. Otherwise, further testing is not necessary. We may also elect to exercise our unconditional option to bypass this qualitative assessment, in which case we would also calculate the fair value of the reporting unit. If the calculated fair value of the reporting unit exceeds its carrying value including associated goodwill amounts, no impairment charge is required. If the fair value of the reporting unit is less than its carrying value including associated goodwill amounts, the goodwill of that reporting unit is considered to be impaired and a charge to earnings must be recorded. The impact to earnings is the excess amount of carrying value over fair value, however the charge is not to exceed the total amount of goodwill allocated to the reporting unit under evaluation.
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| Environmental Liabilities | Environmental Liabilities We provide for the estimated costs of environmental contingencies when liabilities are probable to occur and a reasonable estimate of the associated costs can be made. Ongoing environmental compliance costs, including maintenance and monitoring costs, are charged to expense as incurred.
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| Equity-Based Compensation | Equity-Based CompensationThe phantom units issued under our 2010 Long-Term Incentive Plan result in the payment of cash to our employees or directors of our general partner upon exercise or vesting of the related award. The fair value of our phantom units is equal to the market price of our common units. Our phantom units outstanding at December 31, 2022 include only service-based awards issued to our directors. |
| Revenue Recognition | Revenue RecognitionWe recognize revenue across our operating segments upon the satisfaction of their respective performance obligations. The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for the revenue streams described in more detail below. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products. Fee-based Revenues We provide a variety of fee-based transportation and logistics services to our customers across several of our reportable segments as outlined below. Service contracts generally contain a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over the contract period, and therefore qualify as a single performance obligation that is satisfied over time. The customer receives and consumes the benefit of our services simultaneously with the provision of those services. Offshore Pipeline Transportation Revenue from our offshore pipelines is generally based upon a fixed fee per unit of volume (typically per Mcf of natural gas or per barrel of crude oil) gathered, transported, or processed for each volume delivered. Fees are based either on contractual arrangements or tariffs regulated by the FERC. Certain of our contracts include a single performance obligation to stand ready, on a monthly basis, to provide capacity on our assets. Revenue associated with these fee-based services is recognized as volumes are delivered over the performance obligation period. In addition to the offshore pipeline transportation revenue discussed above, we also have certain contracts with customers in which we earn either demand-type fees or firm capacity reservation fees. These fees are charged to a customer regardless of the volume the customer actually delivers to the platform or through the pipeline. In addition to these offshore pipeline transportation revenue streams, we also have certain customer contracts in which the transportation fee has a tiered pricing structure based on cumulative milestones of throughput on the related pipeline asset and contract, or on a specified date. The performance obligation for these contracts is to transport, gather or process commodity volumes for the customer based on firm (stand ready) service or from monthly nominations made by our customers, which can also be on an interruptible basis. While our transportation rate changes when milestones are achieved for certain cumulative throughput, our performance obligation does not change throughout the life of the contract. Therefore revenue is recognized on an average rate basis throughout the life of the contract. We have estimated the total consideration to be received under the contract beginning at the contract inception date based on the estimated volumes (including certain minimum volumes we are required to stand ready for), price indexing, estimated production or contracted volumes, and the contract period. We have constrained the estimates of variable consideration such that it is probable that a significant reversal of previously-recognized revenue will not occur throughout the life of the contract. These estimates are reassessed at each reporting period as required. Billings to our customers are reflected at the contract rate. The difference between the consideration received from our customers from invoicing compared to the revenue recognized creates a contract asset or liability. In circumstances where the estimated average contract rate is less than the billed current price tier in the contract, we will recognize a contract liability. In circumstances where the estimated average contract rate is higher than the billed current price tier in the contract, we will recognize a contract asset. Onshore Facilities and Transportation Within our onshore facilities and transportation segment, we provide our customers with pipeline transportation, terminaling services, and rail unloading services, among others, primarily on a per barrel fee basis. Revenues from contracts for the transportation of crude oil by our pipelines are based on actual volumes at a published tariff. We recognize revenues for transportation and other services over the performance obligation period, which is the contract term. Revenues for both firm and interruptible transportation and other services are recognized over time as the product is delivered to the agreed upon delivery point or at the point of receipt because they specifically relate to our efforts to transfer the distinct services. Pricing for our services is determined through a variety of mechanisms, including specified contract pricing or regulated tariff pricing. The consideration we receive under these contracts is variable, as the total volume of the commodity to be transported is unknown at contract inception. At the end of a day or month (as specified in the contract), both the price and volume are known (or “fixed”) in order to allow us to accurately calculate the amount of consideration we are entitled to invoice. The measurement of these services and invoicing occurs on a monthly basis. Pipeline Loss Allowances To compensate us for bearing the risk of volumetric losses of crude oil in transit in our pipelines (for our onshore and offshore pipelines) due to temperature, crude quality, and the inherent difficulties of measurement of liquids in a pipeline, our tariffs and agreements allow for us to make volumetric deductions for quality and volumetric fluctuations. We refer to these deductions as pipeline loss allowances (“PLA”). We compare these allowances to the actual volumetric gains and losses of the pipeline and the net gain or loss is recorded as revenue or a reduction of revenue. As the allowance is related to our pipeline transportation services, the performance obligation is the obligation to transport and deliver the barrels and is considered a single obligation. When net gains occur, we have crude oil inventory. When net losses occur, we reduce any recorded inventory on hand and record a liability for the purchase of crude oil required to replace the lost volumes. Under ASC 606, we record excess oil as non-cash consideration in the transaction price on a net basis. The net oil recorded is valued at the lower of cost or net realizable value using the market price of crude oil during the month the product was transported. The crude oil in inventory can then be sold at current prevailing market prices, resulting in additional revenue if the sales price exceeds the inventory value when control transfers to the customer. Marine Transportation Our marine transportation business consists of revenues from the inland and offshore marine transportation of heavy refined petroleum products, asphalt and crude oil, using our barges or vessels. This revenue is recognized over the passage of time of individual trips as determined on an individual contract basis. Revenue from these contracts is typically based on a set day-rate or a set fee per cargo movement. The costs of fuel and certain other operational costs may be directly reimbursed by the customer, if stipulated in the contract. Our performance obligation consists of providing transportation services using our vessels for a single day either under a term or spot based contract. The transaction price is usually fixed per the contract either as a day rate or as a lump sum to be allocated over the days required to complete the service. Revenue is recognizable as the transportation service utilizing our vessels occurs, as the customer simultaneously receives and consumes these services as they are provided. If provided in the contract, certain items such as fuel or operational costs can be rebilled to the customer in the same period in which the costs are incurred. In the event the timing of a trip to provide our services crosses a reporting period under a lump sum fee contract, the revenue earned is accrued based on the progress completed in the current period on the related performance obligation as we are entitled to payment for each day. Customer invoicing occurs at the completion of a trip, or earlier at the customer’s request. Product Sales Sodium Minerals and Sulfur Services Product sales in our sodium minerals and sulfur services segment primarily involve the sales of caustic soda, NaHS, soda ash and other alkali products. As it relates to revenue recognition, these sales transactions contain a single performance obligation, which is the delivery of the product to the customer at the agreed upon point of sale. For some transactions, control of product transfers to the customer at the shipping point, but we are obligated to arrange for shipment of the product as directed by the customer. Rather than treating these shipping activities as separate performance obligations, our policy is to account for them as fulfillment costs in accordance with ASC 606. The transaction price for these product sales are determined by specific contracts, typically at a fixed rate or based on a market or indexed rate. This pricing is known, or is “fixed,” at the time of revenue recognition. Invoicing and related payment terms are in accordance with industry standard or contract specification based on final pricing. The entirety of the transaction price is allocated to the performance obligation, which is delivery of the product at the agreed upon point of sale. As this type of revenue is earned at a point in time, there is no allocation of transaction price to future performance obligations. Onshore Facilities and Transportation Product sales in our onshore facilities and transportation segment primarily involve the sales of crude oil and petroleum products. These contracts contain a single performance obligation, which is the delivery of the product to the customer at a specified location. These contracts are settled on a monthly basis for term contracts, or on a spot basis. Invoicing and related payment terms are in accordance with industry standard or contract specification based on final pricing. Pricing is designated within the contracts and is either fixed, index-based or formulaic, utilizing an average price for the month or for a specified range of days, regardless of when delivery occurs. In either case, pricing is known at the time of invoicing. The entirety of the consideration is allocated to a single performance obligation, which is delivery of the product to a specified location. As this type of revenue is earned at a point in time, there is no allocation of transaction price to future performance obligations. Refinery Services Our refinery services business primarily provides sulfur extraction services to refiners’ high sulfur (or “sour”) gas streams that the refineries have generated from crude oil processing operations. Our process applies our proprietary technology, which uses caustic soda to act as a scrubbing agent at a prescribed temperature and pressure to remove sulfur. The technology returns a clean (sulfur-free) hydrocarbon stream to the refinery for further processing into refined products, and simultaneously produces NaHS. Units of NaHS are produced ratably as a gas stream is processed. We obtain control and ownership of the NaHS immediately upon production, which constitutes the sole consideration that we receive for our sulfur removal services. We later market this product to third parties as part of our product sales, as described above. As part of some of our arrangements, we pay a refinery access fee (“RSA fee”) for any benefits received by virtue of our plant’s proximity to the customer’s refinery. Our RSA fee is recorded as a reduction of revenue. Providing sulfur removal services is the singular performance obligation in our refinery service agreements. As our customers simultaneously receive and consume the refinery service benefits, control is transferred and revenue is recognized over time based on the extent of progress towards completion of the performance obligations. We use units of NaHS produced during a period to measure progress as the amount we receive corresponds directly with the efforts to provide our services completed to date. The transaction price for each performance obligation is determined using the fair value of a unit of NaHS on the contract inception date for each refinery services agreement. Accordingly, we record the value of NaHS received as non-cash consideration in inventory until it is subsequently sold to our customers (see Product Sales, above). Transaction Price Allocations to Remaining Performance Obligations We are required to disclose the amount of our transaction prices that are allocated to unsatisfied performance obligations as of December 31, 2022. However, ASC 606 provides the following practical expedients and exemptions that we utilized: 1)Performance obligations that are part of a contract with an expected duration of one year or less; 2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and 3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series. We apply these practical expedients and exemptions to our revenue streams recognized over time. The majority of our contracts qualify for one of these expedients or exemptions. After considering these practical expedients and identifying the remaining contract types that involve revenue recognition over a long-term period and include long term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. As it relates to our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. Therefore, we have allocated the remaining contract value (as estimated and discussed above) to future periods. In our onshore facilities and transportation segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets.
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| Cost of Sales and Operating Expenses | Cost of Sales and Operating Expenses Onshore facilities and transportation operating and product costs include the cost to acquire the product and the associated costs to transport it to our terminal facilities, including storing, or to a customer for sale. Other than the cost of the products, the most significant costs we incur relate to transportation utilizing our fleet of trucks, railcars, terminals, barges and other vessels, including personnel costs, fuel and maintenance of our equipment or third-party owned equipment. Additionally, costs to operate and maintain the integrity of our onshore pipelines are included herein. When we enter into buy/sell arrangements concurrently or in contemplation of one another with a single counterparty, we reflect the amounts of revenues and purchases for these transactions on a net basis in our Consolidated Statements of Operations as onshore facilities and transportation revenues. Marine operating costs consist primarily of employee and related costs to man the boats, barges, and vessels, maintenance and supply costs related to general upkeep of the boats, barges, and vessels, and fuel costs which are often rebillable and passed through to the customer. The most significant operating costs in our sodium minerals and sulfur services segment consist of the costs to operate our trona extraction and soda ash processing facilities, NaHS processing plants located at various refineries, caustic soda used in the process of processing the refiner’s sour gas, and costs to transport the soda ash, other alkali products, NaHS and caustic soda. Pipeline operating costs consist primarily of power costs to operate pumping and platform equipment, personnel costs to operate the pipelines and platforms, insurance costs and costs associated with maintaining the integrity of our pipelines.
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| Income Taxes | Income Taxes We are a limited partnership, organized as a pass-through entity for federal income tax purposes. As such, we do not directly pay federal income tax. Our taxable income or loss, which may vary substantially from the net income or net loss we report in our Consolidated Statements of Operations, is included in the federal income tax returns of each partner. Some of our corporate subsidiaries pay U.S. federal, state, and foreign income taxes. Deferred income tax assets and liabilities for certain operations conducted through corporations are recognized for temporary differences between the assets and liabilities for financial reporting and tax purposes. Changes in tax legislation are included in the relevant computations in the period in which such changes are effective. Deferred tax assets are reduced by a valuation allowance for the amount of any tax benefit not expected to be realized. Penalties and interest related to income taxes will be included in income tax expense in the Consolidated Statements of Operations.
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| Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities When we hold inventory positions in crude oil and petroleum products, we use derivative instruments to hedge exposure to price risk. Derivative transactions, which can include exchange-traded forward contracts and futures positions, are recorded in the Consolidated Balance Sheets as assets and liabilities based on the derivative’s fair value. Changes in the fair value of derivative contracts are recognized currently in earnings unless specific hedge accounting criteria are met. We must formally designate the derivative as a hedge and document and assess the effectiveness of derivatives associated with transactions that receive hedge accounting. Accordingly, changes in the fair value of derivatives are included in earnings in the current period for (i) derivatives accounted for as fair value hedges; (ii) derivatives that do not qualify for hedge accounting and (iii) the portion of cash flow hedges that is not highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of cash flow hedges are deferred in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into earnings when the underlying position affects earnings. As of December 31, 2022, we did not have any cash flow hedges.In addition, we determined that a certain feature within our Class A Convertible Preferred Units represented an embedded derivative, which was required to be bifurcated and recorded at fair value, with changes in fair value in respective periods recorded in our Consolidated Statements of Operations. As of September 29, 2022, the feature was no longer required to be bifurcated and valued.
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| Fair Value of Current Assets and Current Liabilities | Fair Value of Current Assets and Current Liabilities The carrying amount of other current assets and other current liabilities approximates their fair value due to their short-term nature.
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| Pension Benefits | Pension benefitsWe sponsor a defined benefit plan for employees of our Alkali Business. The defined benefit plan is accounted for using actuarial valuations as required by GAAP. We recognize the funded status of the defined pension plan on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic benefit cost within other comprehensive income (loss). |
| Business Acquisitions | Business Acquisitions For acquired businesses, we apply the acquisition method and generally recognize the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their estimated fair values on the date of acquisition.
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| Recent and Proposed Accounting Pronouncements | Recent and Proposed Accounting PronouncementsIn March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (“LIBOR”) and other rates resulting from rate reform that are entered into on or before December 31, 2022. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. On May 17, 2022, we entered into our Second Amendment and Consent to the credit agreement (defined in Note 10), which among other things, replaced our existing LIBOR rate based borrowings with the Term SOFR rate, which is based on the Secured Overnight Financing Rate (“SOFR”) borrowings. The impact to our senior secured credit facility and related interest expense upon transition to SOFR did not have a material impact on our Consolidated Financial Statements for the year ended December 31, 2022. Refer to Note 10 for more details. |
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| Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue | The following table reflects the disaggregation of our revenues by major category for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively:
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| Schedule of Contract Asset and Liabilities Balances Activity | The table below depicts our contract asset and liability balances at December 31, 2022 and December 31, 2021:
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| Schedule of Revenue Expected to be Recognized in Future Periods | The following chart depicts how we expect to recognize revenues for future periods related to these contracts:
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Lease Accounting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease Balances by Major Categories | Refer to the table below for our lease balances as of December 31, 2022 and December 31, 2021.
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| Schedule of Maturity of Lease Liabilities | The following table presents the maturities of our operating lease liabilities as of December 31, 2022 on an undiscounted cash flow basis reconciled to the present value recorded on our Consolidated Balance Sheets:
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| Schedule of Lease Term and Discount Rates | The following table presents the weighted average remaining terms and discount rates related to our right of use assets:
The following table provides information regarding the cash paid and right of use assets obtained related to our operating leases:
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| Schedule of Operating Lease Income | Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below for the years ended December 31, 2022, 2021, and 2020, respectively:
(1)We sold the Free State pipeline to a subsidiary of Denbury Inc. on October 30, 2020. The 2020 revenues presented above reflect operations through October 29, 2020 as that was the last date the asset operated under our ownership.
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Receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Trade Accounts Receivables Net | Accounts receivable – trade, net consisted of the following:
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| Schedule of Allowance For Credit Losses | The following table presents the activity of our allowance for credit losses for the periods indicated:
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Major Components of Inventories | The major components of inventories were as follows:
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Fixed Assets and Asset Retirement Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed Assets And Asset Retirement Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fixed Assets | Fixed assets consisted of the following:
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| Schedule of Mineral Leaseholds | Mineral Leaseholds Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:
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| Schedule of Change in Asset Retirement Obligation | A reconciliation of our liability for asset retirement obligations is as follows:
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| Schedule of Forecast or Accretion Expense to Asset Retirement Obligations | With respect to our AROs, the following table presents our forecast of accretion expense for the periods indicated:
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Equity Investees (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Consolidated Financial Statements Related To Equity Investees | The following table presents information included in our Consolidated Financial Statements related to our equity investees:
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| Schedule of Balance Sheet Information For Equity Investees | The following tables present the combined balance sheet information for the last two years and statements of operations data for the last three years for our equity investees (on a 100% basis):
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| Schedule of Operations For Equity Investees |
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Intangible Assets, Goodwill and Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Intangible Assets | The following table reflects the components of intangible assets being amortized at December 31, 2022 and 2021:
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| Schedule of Estimated Amortization Expense | The following table reflects our estimated amortization expense for each of the five subsequent fiscal years:
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| Schedule of Other Assets | Other assets consisted of the following:
(1) See discussion of deferred charges on marine transportation assets in the Summary of Accounting Policies (Note 2).
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Obligations Under Debt Arrangements | At December 31, 2022 and 2021, our obligations under debt arrangements consisted of the following:
(1) Unamortized debt issuance costs associated with our senior secured credit facility Revolving Loan, as defined below (included in “Other Assets, net of amortization” on the Consolidated Balance Sheets) were $2.6 million and $4.7 million as of December 31, 2022 and December 31, 2021, respectively.
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| Schedule of Summary of Applicable Redemption Periods | A summary of the applicable redemption periods is provided in the table below:
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Partners' Capital, Mezzanine Equity and Distributions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Paid Distributions | We paid the following cash distributions to common unitholders:
We paid the following cash distributions to our Class A Convertible Preferred unitholders:
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| Schedule of Changes in Redeemable Noncontrolling Interest | The following table shows the change in our redeemable noncontrolling interests from December 31, 2020 to December 31, 2022:
(1)We issued 5,356 and 10,145 Alkali Holdings preferred units to BXC to satisfy the Company’s obligation to pay tax distributions during 2022 and 2021, respectively.
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Net Income (Loss) Per Common Unit (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income per Common Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles Net income (loss) and weighted average units used in computing basic and diluted Net income (loss) per common unit (in thousands, except per unit amounts):
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Business Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Information | Segment information for each year presented below is as follows:
(1)A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin to for each year is presented below. (2)Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as contributions to equity investees, if any. (3)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Total assets by reportable segment were as follows:
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| Schedule of Reconciliation of Segment Margin To (Loss) Income Before Income Taxes | Reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin:
(1)Includes distributions attributable to the period and received during or promptly following such period. (2)Includes unrealized losses of $18.6 million, $30.8 million and $0.9 million from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units in 2022, 2021 and 2020, respectively. Also includes unrealized gains of $24.4 million and $0.1 million, and an unrealized loss of $0.3 million, from the valuation of our commodity derivative transactions (excluding fair value hedges) in 2022, 2021, and 2020, respectively. (3)2022 includes $32.0 million in cash receipts associated with the sale of the Independence Hub platform by our 80% owned unrestricted subsidiary (as defined under our credit agreement), Independence Hub, LLC. 2021 includes $70.0 million in cash receipts associated with principal repayments on our previously owned NEJD pipeline not included in income. 2020 includes cash payments received from our NEJD pipeline of $48.0 million not included in income and distributions from our Free State pipeline of $22.5 million not included in income, both of which are defined as unrestricted subsidiaries under our credit agreement. (4)Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.
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Transactions with Related Parties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Transactions With Related Parties | Transactions with related parties were as follows:
(1) We own a 64% interest in Poseidon Oil Pipeline Company, LLC. As of December 31, 2022 and 2021, our receivables from and payables to ANSAC were:
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Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Changes In Components Of Operating Assets And Liabilities | The following table provides information regarding the net changes in components of operating assets and liabilities:
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Equity-Based Compensation Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Service-Based And Performance-Based Awards | A summary of our phantom unit activity for our service-based awards to our directors is set forth below:
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| Schedule of Equity-Based Compensation Expense | Equity-based compensation expense (credit) during the three years ended December 31, 2022 was as follows:
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Derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Outstanding Derivatives Entered Into Hedge Inventory or Fixed Price Purchase Commitments | At December 31, 2022, we had the following outstanding commodity derivative commodity contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases.
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| Schedule of Accounting Treatment And Classification of Derivative Instruments | The following table summarizes the accounting treatment and classification of our derivative instruments on our Consolidated Financial Statements.
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| Schedule of Fair Value of Derivative Assets And Liabilities | The following tables reflect the estimated fair value position of our derivatives at December 31, 2022 and 2021: Fair Value of Derivative Assets and Liabilities
(1)These derivative liabilities have been funded with margin deposits recorded in our Consolidated Balance Sheets under “Current Assets - Other.”
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| Schedule of Effect on Consolidated Statements of Operations And Other Comprehensive Income (Loss) | Effect on Operating Results
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Fair-Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Placement Of Assets And Liabilities Within The Fair Value Hierarchy Levels | The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2022 and 2021.
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of changes in fair value at the beginning and ending balances for our derivatives classified as level 3:
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status with Amounts Recognized in Consolidated Balance Sheet | The change in benefit obligations, plan assets and funded status along with amounts recognized in the Consolidated Balance Sheets are as follows:
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| Schedule of Expected Employer Contributions and Future Benefits Payments | The following employer contributions and benefit payments, which reflect expected future service, are expected to be paid as follows:
|
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| Schedule of Components of Net Periodic Costs | The components of net periodic pension costs for the Alkali benefit plan are as follows:
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| Schedule of Weighted Average Assumptions Used To Determine Benefit Obligation | The objective of the committee’s investment policy is to manage the plan assets in such a way that will allow for the on-going payment of the Company’s obligation to the beneficiaries.
The discount rate used to determine the net periodic cost at the beginning of the period was 3.27%.
|
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| Schedule of Pension Plan Assets Allocations | Pension plan asset allocations at December 31, 2022 by asset category are as follows:
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| Schedule of Pension Plan Assets Measured at Fair Value | A summary of total investments for our pension plan assets measured at fair value is presented as of December 31 for the periods below:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Tax (Benefit) Expense | Our income tax (benefit) expense is as follows:
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| Schedule of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities consist of the following:
|
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| Schedule of Reconciliation of Federal Statutory Income Tax Rate To Income Before Income Taxes | The reconciliation between the Partnership's effective tax rate on income (loss) from operations and the statutory tax rate is as follows:
|
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Organization (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
segment
| |
| Other Ownership Interests [Line Items] | |
| Number of divisions that constitute reportable segments | 4 |
| Genesis Energy, LLC | |
| Other Ownership Interests [Line Items] | |
| Limited liability company, ownership interest owned | 100.00% |
Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Revenue Recognition [Abstract] | ||
| Contract Assets, Current | $ 0 | $ 13,563 |
| Contract Liabilities, Current | 2,087 | 2,619 |
| Contract Liabilities, Non-Current | $ 64,478 | $ 19,028 |
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Revenue from Contract with Customer [Abstract] | ||
| Balances previously classified as contract liabilities in prior periods that were recognized as revenues | $ 2.6 | $ 3.0 |
| Revenue recognized as result of contract modification | $ 4.1 | |
Lease Accounting (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Leases [Abstract] | ||||
| Operating lease costs | $ 13.6 | $ 18.4 | $ 30.2 | |
| Mileage credits | $ 22.4 | $ 20.8 | 18.4 | |
| Fixed lease payments per year | $ 5.2 | |||
| Fixed lease interest rate per year | 10.25% | |||
| Early payment received on direct finance lease | $ 41.0 | |||
| Direct finance lease receivable | $ 70.0 | |||
Lease Accounting (Lease Term and Discount Rate) (Details) |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted-average remaining lease term | 13 years 8 months 12 days | 13 years 5 months 23 days |
| Weighted-average discount rate | 7.75% | 7.69% |
Lease Accounting (Cash Flow Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Leases [Abstract] | ||
| Cash paid for amounts included in the measurement of lease liabilities | $ 28,576 | $ 33,145 |
| Leased assets obtained in exchange for new operating lease liabilities | $ 9,443 | $ 8,296 |
Lease Accounting (Operating Lease Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Marine transportation | |||
| Lessor, Lease, Description [Line Items] | |||
| Lease revenue | $ 16,432 | $ 15,031 | $ 24,116 |
| Onshore facilities and transportation | |||
| Lessor, Lease, Description [Line Items] | |||
| Lease revenue | $ 0 | $ 0 | $ 5,234 |
Receivables (Schedule of Trade Accounts Receivables Net) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|---|
| Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||||
| Accounts receivable - trade | $ 724,419 | $ 405,159 | ||
| Allowance for credit losses | (2,852) | (4,825) | $ (6,258) | $ (1,062) |
| Accounts receivable - trade, net | $ 721,567 | $ 400,334 |
Receivables (Schedule of Allowance for Credit Losses) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
| Balance at beginning of period | $ 4,825 | $ 6,258 | $ 1,062 |
| Charges to (recoveries of) costs and expenses, net | 172 | (902) | 5,504 |
| Amounts written off | (2,145) | (531) | (308) |
| Balance at end of period | $ 2,852 | $ 4,825 | $ 6,258 |
Inventories (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Inventory Disclosure [Abstract] | ||
| Petroleum products | $ 56,000 | $ 998,000 |
| Crude oil | 6,673,000 | 11,834,000 |
| Caustic soda | 15,258,000 | 5,690,000 |
| NaHS | 7,085,000 | 17,040,000 |
| Raw materials - Alkali Operations | 5,819,000 | 7,599,000 |
| Work-in-process - Alkali Operations | 9,599,000 | 7,496,000 |
| Finished goods, net - Alkali Operations | 18,772,000 | 13,681,000 |
| Materials and supplies, net - Alkali Operations | 14,881,000 | 13,620,000 |
| Inventories | 78,143,000 | 77,958,000 |
| Inventory write down | $ 2,900,000 | $ 2,000,000 |
Fixed Assets and Asset Retirement Obligations (Schedule of Mineral Leaseholds) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Property, Plant and Equipment [Abstract] | ||
| Mineral leaseholds | $ 566,019 | $ 566,019 |
| Less: Accumulated depletion | (20,897) | (17,014) |
| Mineral leaseholds, net | $ 545,122 | $ 549,005 |
Fixed Assets and Asset Retirement Obligations (Schedule of Reconciliation of Liability for Asset Retirement Obligations) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
| Asset retirement obligations, beginning balance | $ 220,906 | $ 176,852 |
| Accretion expense | 13,092 | 10,038 |
| Revisions in timing and estimated costs of AROs | 11,216 | 35,735 |
| Settlements | 3,008 | |
| Settlements | (16,641) | (4,727) |
| Asset retirement obligations, ending balance | $ 228,573 | $ 220,906 |
Fixed Assets and Asset Retirement Obligations (Forecast of Accretion Expense to Asset Retirement Obligations) (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
|---|---|
| Forecast of Future Accretion Expense [Abstract] | |
| 2023 | $ 11,437 |
| 2024 | 10,721 |
| 2025 | 10,955 |
| 2026 | 8,191 |
| 2027 | $ 8,701 |
Equity Investees (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Equity Method Investments and Joint Ventures [Abstract] | ||
| Unamortized excess cost amount | $ 305.6 | $ 319.9 |
Equity Investees (Consolidated Financial Statements Related to Equity Investees) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Equity Method Investments and Joint Ventures [Abstract] | |||
| Genesis’ share of operating earnings | $ 68,469 | $ 73,389 | $ 79,510 |
| Amortization of differences attributable to Genesis’ carrying value of equity investments | (14,263) | (15,491) | (15,491) |
| Net equity in earnings | 54,206 | 57,898 | 64,019 |
| Distributions received(1) | $ 75,406 | $ 84,106 | $ 81,061 |
Equity Investees (Schedule of Balance Sheet Information for Equity Investees) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| ASSETS | ||
| Current assets | $ 853,047 | $ 542,484 |
| Fixed assets, net | 4,096,573 | 3,912,185 |
| TOTAL ASSETS | 6,365,992 | 5,905,801 |
| LIABILITIES AND PARTNERS’ CAPITAL | ||
| Current liabilities | 709,107 | 496,939 |
| TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | 6,365,992 | 5,905,801 |
| Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
| ASSETS | ||
| Current assets | 44,471 | 33,994 |
| Fixed assets, net | 292,398 | 284,265 |
| Other assets | 27,287 | 21,327 |
| TOTAL ASSETS | 364,156 | 339,586 |
| LIABILITIES AND PARTNERS’ CAPITAL | ||
| Current liabilities | 21,563 | 15,457 |
| Other liabilities | 243,094 | 237,948 |
| Equity | 99,499 | 86,181 |
| TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | $ 364,156 | $ 339,586 |
Equity Investees (Schedule of Operations for Equity Investees) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| INCOME STATEMENT DATA: | |||
| Total revenues | $ 2,788,957 | $ 2,125,476 | $ 1,824,655 |
| Operating income | 315,012 | 75,696 | (245,958) |
| Net Income | 75,457 | (165,067) | (416,678) |
| Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
| INCOME STATEMENT DATA: | |||
| Total revenues | 201,124 | 203,835 | 214,687 |
| Operating income | 129,212 | 143,506 | 153,640 |
| Net Income | $ 120,613 | $ 138,783 | $ 147,560 |
Intangible Assets, Goodwill and Other Assets (Narrative) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization of expense of intangible assets | $ 10,300,000 | $ 10,300,000 | $ 15,500,000 |
| Goodwill | 301,959,000 | 301,959,000 | |
| Impairment of goodwill | 0 | 0 | $ 0 |
| Sodium minerals and sulfur services | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Goodwill | $ 301,900,000 | $ 301,900,000 | |
Intangible Assets, Goodwill and Other Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets [Line Items] | |
| 2023 | $ 12,571 |
| 2024 | 12,206 |
| 2025 | 11,981 |
| 2026 | 11,681 |
| 2027 | 11,234 |
| Other | |
| Finite-Lived Intangible Assets [Line Items] | |
| 2023 | 4,216 |
| 2024 | 3,852 |
| 2025 | 3,628 |
| 2026 | 3,330 |
| 2027 | 2,884 |
| Marine transportation | Contract intangible | |
| Finite-Lived Intangible Assets [Line Items] | |
| 2023 | 34 |
| 2024 | 33 |
| 2025 | 32 |
| 2026 | 30 |
| 2027 | 29 |
| Offshore pipeline transportation | Contract intangible | |
| Finite-Lived Intangible Assets [Line Items] | |
| 2023 | 8,321 |
| 2024 | 8,321 |
| 2025 | 8,321 |
| 2026 | 8,321 |
| 2027 | $ 8,321 |
Intangible Assets, Goodwill and Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
||
|---|---|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| Deferred marine charges, net | [1] | $ 20,503 | $ 19,930 | |
| Unamortized debt issuance costs on senior secured credit facility | 2,591 | 4,736 | ||
| Other deferred costs | 9,114 | 13,593 | ||
| OTHER ASSETS, net of amortization | $ 32,208 | $ 38,259 | ||
| ||||
Debt (Covenants and Compliance) (Details) - Line of Credit - Senior Secured Credit Facility |
Dec. 31, 2022
metric
|
|---|---|
| Debt Instrument [Line Items] | |
| Number of primary financial metrics | 3 |
| Consolidated senior secured leverage ratio | 2.50 |
| Consolidated interest coverage ratio | 2.50 |
| Thereafter | |
| Debt Instrument [Line Items] | |
| Consolidated leverage ratio | 5.50 |
Partners' Capital, Mezzanine Equity and Distributions (Additional Information) (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Sep. 23, 2019 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Partners Capital And Distributions [Line Items] | |||
| Common units outstanding (in units) | 122,579,218 | 122,579,218 | |
| Cash or stock available for distributions, percent usually distributed | 100.00% | ||
| Days to distribute | 45 days | ||
| Subsidiaries [Member] | Genesis Alkali Holdings Company, LLC [Member] | |||
| Partners Capital And Distributions [Line Items] | |||
| Redeemable Noncontrolling Interest, Equity, Preferred, Period For Triggering Event To Occur | 6 years 6 months | ||
| Class A | Partners’ Capital | |||
| Partners Capital And Distributions [Line Items] | |||
| Common units outstanding (in units) | 122,539,221 | ||
| Class B | Partners’ Capital | |||
| Partners Capital And Distributions [Line Items] | |||
| Common units outstanding (in units) | 39,997 | ||
| Class A Convertible Preferred Units | |||
| Partners Capital And Distributions [Line Items] | |||
| Convertible preferred units outstanding (in units) | 25,336,778 | 25,336,778 |
Partners' Capital, Mezzanine Equity and Distributions (Distributions Paid) (Details) - Common Unitholders - USD ($) $ / shares in Units, $ in Thousands |
Feb. 14, 2023 |
Nov. 14, 2022 |
Aug. 12, 2022 |
May 13, 2022 |
Feb. 14, 2022 |
Nov. 12, 2021 |
Aug. 13, 2021 |
May 14, 2021 |
Feb. 12, 2021 |
Nov. 13, 2020 |
Aug. 14, 2020 |
May 15, 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Distribution Made to Limited Partner [Line Items] | ||||||||||||
| Date Paid | Nov. 14, 2022 | Aug. 12, 2022 | May 13, 2022 | Feb. 14, 2022 | Nov. 12, 2021 | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | |
| Per Unit Amount (in dollars per unit) | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | |
| Total Amount | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | |
| Subsequent Event | ||||||||||||
| Distribution Made to Limited Partner [Line Items] | ||||||||||||
| Date Paid | Feb. 14, 2023 | |||||||||||
| Total Amount | $ 24,000 | |||||||||||
| Scenario, Forecast | Subsequent Event | ||||||||||||
| Distribution Made to Limited Partner [Line Items] | ||||||||||||
| Date Paid | Feb. 14, 2023 | |||||||||||
| Per Unit Amount (in dollars per unit) | $ 0.1500 | |||||||||||
| Total Amount | $ 18,387 |
Partners' Capital, Mezzanine Equity and Distributions (Preferred Cash Distributions Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands |
Feb. 14, 2023 |
Nov. 14, 2022 |
Aug. 12, 2022 |
May 13, 2022 |
Feb. 14, 2022 |
Nov. 12, 2021 |
Aug. 13, 2021 |
May 14, 2021 |
Feb. 12, 2021 |
Nov. 13, 2020 |
Aug. 14, 2020 |
May 15, 2020 |
Dec. 31, 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Unitholders | Class A Convertible Preferred Units | |||||||||||||
| Temporary Equity [Line Items] | |||||||||||||
| Per Unit Amount (in dollars per unit) | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.9473 | |
| Total Amount | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | ||
| Preferred Unitholders | Class A Convertible Preferred Units | Subsequent Event | |||||||||||||
| Temporary Equity [Line Items] | |||||||||||||
| Per Unit Amount (in dollars per unit) | $ 0.9473 | ||||||||||||
| Common Unitholders | |||||||||||||
| Temporary Equity [Line Items] | |||||||||||||
| Date Paid | Nov. 14, 2022 | Aug. 12, 2022 | May 13, 2022 | Feb. 14, 2022 | Nov. 12, 2021 | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | ||
| Per Unit Amount (in dollars per unit) | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | ||
| Total Amount | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | ||
| Common Unitholders | Subsequent Event | |||||||||||||
| Temporary Equity [Line Items] | |||||||||||||
| Date Paid | Feb. 14, 2023 | ||||||||||||
| Total Amount | $ 24,000 |
Partners' Capital, Mezzanine Equity and Distributions (Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Redeemable Noncontrolling Interest, Equity [Roll Forward] | ||
| Beginning balance | $ 259,568 | $ 141,194 |
| Issuance of preferred units, net of issuance costs | 5,249 | 103,042 |
| PIK distribution | 9,993 | 21,291 |
| Redemption accretion | 1,908 | 4,107 |
| Tax distributions | (6,631) | (10,066) |
| Adjustment to Base Preferred Return Amount | 18,542 | |
| Ending balance | $ 0 | $ 259,568 |
| Redeemable noncontrolling interest issued (in shares) | 5,356 | 10,145 |
Partners' Capital, Mezzanine Equity and Distributions (Noncontrolling Interest) (Details) |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Nov. 17, 2021
USD ($)
|
Nov. 16, 2021 |
Dec. 31, 2021 |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Subsidiary, Sale of Stock [Line Items] | ||||||
| Cash proceeds from the sale of a noncontrolling interest in a subsidiary | $ 0 | $ 418,140,000 | $ 0 | |||
| Payments to noncontrolling interests | $ 31,867,000 | $ 903,000 | $ 0 | |||
| Affiliated Entity | CHOPS | ||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||
| Percentage of ownership in equity interest sold | 0.36 | |||||
| Cash proceeds from the sale of a noncontrolling interest in a subsidiary | $ 418,000,000 | |||||
| Percentage of ownership in equity interest retained | 64.00% | |||||
| Affiliated Entity | Independence Hub, LLC | Genesis Energy, LLC | ||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||
| Percentage of ownership equity interest | 80.00% | |||||
Net Income (Loss) Per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Earnings Per Share Reconciliation [Abstract] | |||
| Net income (loss) attributable to Genesis Energy L.P. | $ 75,457 | $ (165,067) | $ (416,678) |
| Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (80,052) | (74,736) | (74,736) |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON UNITHOLDERS-BASIC | (4,595) | (239,803) | (491,414) |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON UNITHOLDERS-DILUTED | $ (4,595) | $ (239,803) | $ (491,414) |
| Basic Weighted Average Outstanding Units (in units) | 122,579 | 122,579 | 122,579 |
| Dilutive Weighted Average Outstanding Units (in units) | 122,579 | 122,579 | 122,579 |
| Basic Net Income (Loss) per Common Unit (in dollars per unit) | $ (0.04) | $ (1.96) | $ (4.01) |
| Dilutive Net Income (Loss) per Common Unit (in dollars per unit) | $ (0.04) | $ (1.96) | $ (4.01) |
Business Segment Information (Narrative) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
segment
| |
| Segment Reporting [Abstract] | |
| Number of divisions that constitute reportable segments | 4 |
Business Segment Information (Schedule of Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| TOTAL ASSETS | $ 6,365,992 | $ 5,905,801 |
| Operating Segments | Offshore pipeline transportation | ||
| Segment Reporting Information [Line Items] | ||
| TOTAL ASSETS | 2,290,488 | 2,103,140 |
| Operating Segments | Sodium minerals and sulfur services | ||
| Segment Reporting Information [Line Items] | ||
| TOTAL ASSETS | 2,358,086 | 2,132,588 |
| Operating Segments | Onshore facilities and transportation | ||
| Segment Reporting Information [Line Items] | ||
| TOTAL ASSETS | 981,354 | 923,064 |
| Operating Segments | Marine transportation | ||
| Segment Reporting Information [Line Items] | ||
| TOTAL ASSETS | 681,231 | 703,030 |
| Other assets | ||
| Segment Reporting Information [Line Items] | ||
| TOTAL ASSETS | $ 54,833 | $ 43,979 |
Transactions with Related Parties (Schedule of Transactions With Related Parties) (Details) - Affiliated Entity - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| CEO | |||
| Related Party Transaction [Line Items] | |||
| Related party transaction, expenses | $ 660 | $ 660 | $ 660 |
| Poseidon Oil Pipeline Company | |||
| Related Party Transaction [Line Items] | |||
| Related party transaction, revenues | 14,606 | 13,846 | 12,902 |
| Related party transaction, expenses | $ 1,057 | 965 | 960 |
| Poseidon Oil Pipeline Company | Poseidon Oil Pipeline Company | |||
| Related Party Transaction [Line Items] | |||
| Equity investment, ownership percentage | 64.00% | ||
| ANSAC | |||
| Related Party Transaction [Line Items] | |||
| Related party transaction, revenues | $ 418,232 | 280,935 | 236,408 |
| Related party transaction, expenses | $ 9,891 | $ 1,213 | $ 2,460 |
Transactions with Related Parties (Narrative) (Details) - Affiliated Entity - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Poseidon Oil Pipeline Company | |||
| Related Party Transaction [Line Items] | |||
| Net sales from related party | $ 14,606 | $ 13,846 | $ 12,902 |
| Due from related parties | 2,400 | 2,400 | |
| Costs charged by related party, included in operating costs | 1,057 | 965 | 960 |
| Poseidon Oil Pipeline Company | Asset Management Arrangement | |||
| Related Party Transaction [Line Items] | |||
| Net sales from related party | 9,700 | 9,400 | 9,200 |
| ANSAC | |||
| Related Party Transaction [Line Items] | |||
| Net sales from related party | 418,232 | 280,935 | 236,408 |
| Due from related parties | 137,522 | 64,799 | |
| Costs charged by related party, included in operating costs | $ 9,891 | $ 1,213 | $ 2,460 |
Transactions with Related Parties (Schedule of Receivables From and Payables To Related Parties) (Details) - Affiliated Entity - ANSAC - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Receivables | $ 137,522 | $ 64,799 |
| Payables | $ 4,109 | $ 116 |
Supplemental Cash Flow Information (Net Changes in Components of Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| (Increase) decrease in: | |||
| Accounts receivable | $ (261,849) | $ (75,165) | $ 88,116 |
| Inventories | 2,087 | 20,370 | (34,740) |
| Deferred charges | 41,634 | 27,390 | 24,590 |
| Other current assets | (6,971) | (1,190) | 1,188 |
| Increase (decrease) in: | |||
| Accounts payable | 152,138 | 44,119 | (9,742) |
| Accrued liabilities | (14,857) | 14,520 | (30,785) |
| Net changes in components of operating assets and liabilities | $ (87,818) | $ 30,044 | $ 38,627 |
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Supplemental Cash Flow Elements [Abstract] | |||
| Payments of interest and commitment fees | $ 236.9 | $ 202.0 | $ 200.6 |
| Capitalized interest | 18.1 | 4.4 | 1.9 |
| Cash paid for income taxes | 1.0 | 0.7 | 0.8 |
| Incurred liabilities for fixed and intangible asset additions | $ 93.5 | $ 51.7 | $ 29.1 |
Equity-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation expense | $ 730 | $ 1,416 | $ (985) |
| 2010 Plan | Phantom Units | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Phantom units awarded during the period (in units) | 70,068 | 71,340 | 107,572 |
| Weighted average grant date fair value of phantom unit (in dollars per unit) | $ 9.92 | $ 8.83 | $ 5.86 |
| Compensation expense | $ 700 | $ 1,400 | $ (1,000) |
| Liability for compensation awards | $ 2,100 | $ 2,200 | |
Equity-Based Compensation Plans (Summary of Service-Based and Performance-Based Awards) (Details) - Service-Based Awards $ / shares in Units, $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
$ / shares
shares
| |
| Number of Phantom Units | |
| Unvested at December 31, 2020 (in units) | shares | 208,518 |
| Granted (in units) | shares | 70,068 |
| Settled (in units) | shares | (58,454) |
| Unvested at December 31, 2021 (in units) | shares | 220,132 |
| Average Grant Date Fair Value | |
| Unvested at December 31, 2020 (in dollars unit) | $ / shares | $ 10.67 |
| Granted (in dollars per unit) | $ / shares | 9.92 |
| Settled (in dollars per unit) | $ / shares | 16.17 |
| Unvested at December 31, 2021 (in dollars per unit) | $ / shares | $ 8.97 |
| Total Value (in thousands) | |
| Unvested at December 31, 2020 | $ | $ 2,225 |
| Granted | $ | 695 |
| Settled | $ | (945) |
| Unvested at December 31, 2021 | $ | $ 1,975 |
Major Customers and Credit Risk (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Customer Concentration Risk | Revenue from Contracts with Customers | ANSAC | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 15.00% | 13.00% | 13.00% |
Derivatives (Narrative) (Details) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Sep. 01, 2022 |
Sep. 01, 2017 |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Sep. 29, 2022 |
Mar. 01, 2019 |
|
| Derivatives, Fair Value [Line Items] | ||||||
| Net broker receivables | $ 4.0 | $ 2.9 | ||||
| Margin deposit assets | 3.8 | 2.1 | ||||
| Increase in variation margin deposits outstanding | $ 0.2 | $ 0.8 | ||||
| Class A Convertible Preferred Units | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Threshold trading days to notify holders | 30 days | 30 days | ||||
| Basis spread | 0.0200 | |||||
| Reset rate | 10.75% | 11.24% | 11.24% | |||
| Percentage below issue price | 110.00% | |||||
| Class A Convertible Preferred Units | LIBOR | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Basis spread | 0.0750 | 750 | ||||
| Reset rate | 3.74% | |||||
Fair-Value Measurements (Reconciliation of Changes in Derivatives Classified as Level 3) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Sep. 29, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Embedded Derivative Financial Instruments | ||||
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
| Reclassification to Mezzanine Equity | $ 101,794 | |||
| Embedded Derivative Financial Instruments | Other expense, net | ||||
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
| Derivatives, amount of gain (loss) recognized in income | $ (18,584) | $ (30,838) | $ (857) | |
| Level 3 | Embedded Derivative Financial Instruments | ||||
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
| Beginning Balance | (83,210) | (52,372) | (51,515) | |
| Ending Balance | $ 0 | $ (83,210) | $ (52,372) | |
Employee Benefit Plans (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Alkali Pension Plan | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Period of credited service required by benefit plan | 1 year |
Employee Benefit Plans (Expected Contributions and Future Benefit Payments) (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
|---|---|
| Employer Contributions | |
| Expected 2023 Contributions by Employer | $ 2,980 |
| Future Expected Benefit Payments | |
| 2023 | 1,465 |
| 2024 | 1,606 |
| 2025 | 1,772 |
| 2026 | 1,917 |
| 2027 | 2,091 |
| 2028-2032 | $ 12,533 |
Employee Benefit Plans (Components of Net Periodic Costs) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Retirement Benefits [Abstract] | |||
| Service Cost | $ 5,181 | $ 6,020 | $ 5,493 |
| Interest Cost | 1,804 | 1,576 | 1,469 |
| Expected Return on Assets | (1,959) | (1,831) | (1,539) |
| Amortization of Prior Service Cost | 487 | 487 | 487 |
| Total Net Periodic Benefit Costs | $ 5,513 | $ 6,252 | $ 5,910 |
Employee Benefit Plans (Fair Value Assumptions) (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Weighted average assumptions used to determine benefit obligation: | ||
| Discount Rate | 5.33% | 3.27% |
| Expected Long-term Rate of Return | 6.71% | 5.35% |
Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Current: | |||
| Federal | $ 0 | $ 0 | $ 0 |
| State | 815 | 690 | 650 |
| Total current income tax expense | 815 | 690 | 650 |
| Deferred: | |||
| Federal | 1,814 | 1,097 | 78 |
| State | 540 | (117) | 599 |
| Total deferred income tax expense | 2,354 | 980 | 677 |
| Income tax expense | $ 3,169 | $ 1,670 | $ 1,327 |
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Deferred tax assets: | ||
| Net operating loss carryforwards | $ 15,313 | $ 16,174 |
| Other | 2,333 | 1,277 |
| Total long-term deferred tax asset | 17,646 | 17,451 |
| Valuation allowances | (3,471) | (2,760) |
| Total deferred tax assets | 14,175 | 14,691 |
| Deferred tax liabilities: | ||
| Fixed assets | (1,730) | (1,803) |
| Intangible assets | (27,033) | (25,772) |
| Other | (2,064) | (1,413) |
| Total long-term liability | (30,827) | (28,988) |
| Total deferred tax liabilities | (30,827) | (28,988) |
| Total net deferred tax liability | $ (16,652) | $ (14,297) |
Income Taxes (Federal Statutory Income Tax Rate to Income Before Income Taxes) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | |||
| Income (loss) from operations before income taxes | $ 132,304,000 | $ (136,362,000) | $ (398,987,000) |
| Partnership income not subject to federal income tax | (126,403,000) | 140,092,000 | 398,729,000 |
| Income (loss) subject to federal income taxes | 5,901,000 | 3,730,000 | (258,000) |
| Tax expense (benefit) at federal statutory rate | 1,239,000 | 783,000 | (54,000) |
| State income taxes, net of federal tax | 1,248,000 | 574,000 | 1,213,000 |
| Return to provision, federal and state | 44,000 | (227,000) | (383,000) |
| Other | (18,000) | 112,000 | 117,000 |
| Valuation allowance | 656,000 | 428,000 | 434,000 |
| Income tax expense | $ 3,169,000 | $ 1,670,000 | $ 1,327,000 |
| Effective tax rate on income (loss) from operations before income taxes | 2.40% | (1.20%) | (0.30%) |
| Liability for uncertain tax positions | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details) |
Feb. 17, 2023
USD ($)
extension
|
Jan. 26, 2023
USD ($)
|
Jan. 25, 2023
USD ($)
|
Apr. 08, 2021
USD ($)
|
|---|---|---|---|---|
| Line of Credit | Senior Secured Credit Facility | ||||
| Subsequent Event [Line Items] | ||||
| Maximum borrowing capacity | $ 950,000,000 | |||
| Subsequent Event | 2030 Notes | Senior Unsecured Notes | ||||
| Subsequent Event [Line Items] | ||||
| Senior unsecured notes, principal | $ 500,000,000 | |||
| Proceeds from issuance of debt, net of discount | 491,000,000 | |||
| Line of Credit Facility, Amount Of Debt Outstanding Extension Threshold | $ 150,000,000 | |||
| Subsequent Event | Line of Credit | Senior Secured Credit Facility | ||||
| Subsequent Event [Line Items] | ||||
| Maximum borrowing capacity | $ 850,000,000 | |||
| Extension period | 1 year | |||
| Number of extensions | extension | 2 | |||
| Subsequent Event | 5.625% senior unsecured notes due 2024 | Senior Unsecured Notes | ||||
| Subsequent Event [Line Items] | ||||
| Repayments of Long-term Debt | $ 25,000,000 | $ 316,000,000 |
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