Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 05, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-12295 | |
Entity Registrant Name | GENESIS ENERGY LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0513049 | |
Entity Address, Address Line One | 919 Milam, Suite 2100, | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | (713) | |
Local Phone Number | 860-2500 | |
Title of 12(b) Security | Common units | |
Trading Symbol | GEL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001022321 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Units | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 122,539,221 | |
Class B Common Units | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,997 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 36,504 | $ 29,128 |
Restricted cash | 7,512 | 27,277 |
Accounts receivable - trade, net | 247,819 | 417,002 |
Inventories | 89,811 | 65,137 |
Net Investment in Lease, Current | 69,370 | 9,293 |
Other | 65,576 | 45,237 |
Total current assets | 516,592 | 593,074 |
FIXED ASSETS, at cost | 5,209,403 | 5,540,596 |
Less: Accumulated depreciation | (1,295,654) | (1,246,121) |
Net fixed assets | 3,913,749 | 4,294,475 |
MINERAL LEASEHOLDS, net of accumulated depletion | 553,417 | 555,825 |
NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income | 0 | 107,702 |
EQUITY INVESTEES | 321,541 | 334,523 |
INTANGIBLE ASSETS, net of amortization | 129,178 | 138,927 |
GOODWILL | 301,959 | 301,959 |
RIGHT OF USE ASSETS, net | 159,488 | 177,071 |
OTHER ASSETS, net of amortization | 57,426 | 94,085 |
TOTAL ASSETS | 5,953,350 | 6,597,641 |
CURRENT LIABILITIES: | ||
Accounts payable - trade | 151,762 | 218,737 |
Accrued liabilities | 181,840 | 196,758 |
Total current liabilities | 333,602 | 415,495 |
SENIOR SECURED CREDIT FACILITY | 984,800 | 959,300 |
SENIOR UNSECURED NOTES, net of debt issuance costs | 2,373,928 | 2,469,937 |
DEFERRED TAX LIABILITIES | 12,665 | 12,640 |
OTHER LONG-TERM LIABILITIES | 378,870 | 393,850 |
Total liabilities | 4,083,865 | 4,251,222 |
MEZZANINE CAPITAL: | ||
Class A Convertible Preferred Units, 25,336,778 issued and outstanding at September 30, 2020 and December 31, 2019 | 790,115 | 790,115 |
Redeemable noncontrolling interests, 139,359 and 130,000 preferred units issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 137,475 | 125,133 |
PARTNERS’ CAPITAL: | ||
Common unitholders, 122,579,218 units issued and outstanding at September 30, 2020 and December 31, 2019 | 951,554 | 1,443,320 |
Accumulated other comprehensive loss | (8,066) | (8,431) |
Noncontrolling interests | (1,593) | (3,718) |
Total partners' capital | 941,895 | 1,431,171 |
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | $ 5,953,350 | $ 6,597,641 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Common units issued (in units) | 122,579,218 | 122,579,218 |
Common units outstanding (in units) | 122,579,218 | 122,579,218 |
Class A Convertible Preferred Stock Units | ||
Number preferred units issued (in units) | 25,336,778 | 25,336,778 |
Number of preferred units outstanding (in units) | 25,336,778 | 25,336,778 |
Redeemable Noncontrolling Interest Preferred Units | ||
Number preferred units issued (in units) | 139,359 | 130,000 |
Number of preferred units outstanding (in units) | 139,359 | 130,000 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
REVENUES: | ||||
Total revenues | $ 443,125 | $ 621,697 | $ 1,371,515 | $ 1,876,491 |
COSTS AND EXPENSES: | ||||
General and administrative | 11,072 | 14,999 | 45,858 | 40,097 |
Depreciation, depletion and amortization | 67,733 | 83,522 | 222,210 | 240,513 |
Asset Impairment Charges | 3,331 | 0 | 280,826 | 0 |
Total costs and expenses | 439,093 | 568,910 | 1,586,541 | 1,674,727 |
OPERATING INCOME (LOSS) | 4,032 | 52,787 | (215,026) | 201,764 |
Equity in earnings of equity investees | 14,439 | 11,830 | 41,216 | 39,873 |
Interest expense | (51,312) | (54,673) | (157,895) | (165,881) |
Other income, net | 7,406 | 7,974 | 13,114 | 306 |
Income (loss) before income taxes | (25,435) | 17,918 | (318,591) | 76,062 |
Income tax expense | (145) | (111) | (575) | (656) |
NET INCOME (LOSS) | (25,580) | 17,807 | (319,166) | 75,406 |
Net loss (income) attributable to noncontrolling interests | 12 | 22 | 38 | (1,503) |
Net income attributable to redeemable noncontrolling interests | (4,149) | (272) | (12,394) | (272) |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | (29,717) | 17,557 | (331,522) | 73,631 |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (18,684) | (18,684) | (56,052) | (55,783) |
Net Income (Loss) Available to Common Unitholders | $ (48,401) | $ (1,127) | $ (387,574) | $ 17,848 |
NET INCOME (LOSS) PER COMMON UNIT (Note 11): | ||||
Basic and Diluted (in dollars shares) | $ (0.39) | $ (0.01) | $ (3.16) | $ 0.15 |
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | ||||
Basic and Diluted (in shares) | 122,579 | 122,579 | 122,579 | 122,579 |
Offshore pipeline transportation | ||||
REVENUES: | ||||
Total revenues | $ 53,893 | $ 79,738 | $ 197,286 | $ 236,482 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 21,698 | 22,932 | 56,762 | 45,507 |
Asset Impairment Charges | 3,300 | |||
Sodium minerals and sulfur services | ||||
REVENUES: | ||||
Total revenues | 206,731 | 277,527 | 642,745 | 827,619 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 178,688 | 222,304 | 550,931 | 660,906 |
Marine transportation | ||||
REVENUES: | ||||
Total revenues | 51,912 | 59,404 | 170,978 | 174,760 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 36,342 | 44,831 | 117,840 | 133,400 |
Onshore facilities and transportation | ||||
REVENUES: | ||||
Total revenues | 130,589 | 205,028 | 360,506 | 637,630 |
Onshore facilities and transportation | Onshore facilities and transportation product costs | ||||
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 103,245 | 160,772 | 258,644 | 495,927 |
Onshore facilities and transportation | Onshore facilities and transportation operating costs | ||||
COSTS AND EXPENSES: | ||||
Cost of products and services sold | $ 16,984 | $ 19,550 | $ 53,470 | $ 58,377 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (25,580) | $ 17,807 | $ (319,166) | $ 75,406 |
Other comprehensive income: | ||||
Other comprehensive income | 122 | 0 | 365 | 0 |
Total Comprehensive income (loss) | (25,458) | 17,807 | (318,801) | 75,406 |
Comprehensive loss (income) attributable to noncontrolling interests | 12 | 22 | 38 | (1,503) |
Comprehensive income attributable to redeemable noncontrolling interests | (4,149) | (272) | (12,394) | (272) |
Comprehensive income (loss) attributable to Genesis Energy, L.P. | $ (29,595) | $ 17,557 | $ (331,157) | $ 73,631 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL - USD ($) shares in Thousands, $ in Thousands | Total | Partners’ Capital | Partners’ CapitalCommon Units | Noncontrolling Interest | Accumulated Other Comprehensive Loss |
Partners' capital, beginning balance (units) at Dec. 31, 2018 | 122,579 | ||||
Partners' capital, beginning balance at Dec. 31, 2018 | $ 1,680,534 | $ 1,690,799 | $ (11,204) | $ 939 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net loss | 75,134 | 73,631 | 1,503 | ||
Cash distributions to partners | (202,256) | (202,256) | |||
Cash contributions from noncontrolling interests | 3,605 | 3,605 | |||
Other comprehensive income | 0 | ||||
Distributions to Class A Convertible Preferred unitholders | (55,120) | (55,120) | |||
Partners' capital, ending balance (units) at Sep. 30, 2019 | 122,579 | ||||
Partners' capital, ending balance at Sep. 30, 2019 | 1,501,897 | 1,507,054 | (6,096) | 939 | |
Partners' capital, beginning balance (units) at Jun. 30, 2019 | 122,579 | ||||
Partners' capital, beginning balance at Jun. 30, 2019 | 1,568,089 | 1,575,599 | (8,449) | 939 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net loss | 17,535 | 17,557 | (22) | ||
Cash distributions to partners | (67,418) | (67,418) | |||
Cash contributions from noncontrolling interests | 2,375 | 2,375 | |||
Other comprehensive income | 0 | ||||
Distributions to Class A Convertible Preferred unitholders | (18,684) | (18,684) | |||
Partners' capital, ending balance (units) at Sep. 30, 2019 | 122,579 | ||||
Partners' capital, ending balance at Sep. 30, 2019 | 1,501,897 | 1,507,054 | (6,096) | 939 | |
Partners' capital, beginning balance (units) at Dec. 31, 2019 | 122,579 | ||||
Partners' capital, beginning balance at Dec. 31, 2019 | 1,431,171 | 1,443,320 | (3,718) | (8,431) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net loss | (331,560) | (331,522) | (38) | ||
Cash distributions to partners | (104,192) | (104,192) | |||
Cash contributions from noncontrolling interests | 2,163 | 2,163 | |||
Other comprehensive income | 365 | 365 | |||
Distributions to Class A Convertible Preferred unitholders | (56,052) | (56,052) | |||
Partners' capital, ending balance (units) at Sep. 30, 2020 | 122,579 | ||||
Partners' capital, ending balance at Sep. 30, 2020 | 941,895 | 951,554 | (1,593) | (8,066) | |
Partners' capital, beginning balance (units) at Jun. 30, 2020 | 122,579 | ||||
Partners' capital, beginning balance at Jun. 30, 2020 | 1,008,254 | 1,018,342 | (1,900) | (8,188) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net loss | (29,729) | (29,717) | (12) | ||
Cash distributions to partners | (18,387) | (18,387) | |||
Cash contributions from noncontrolling interests | 319 | 319 | |||
Other comprehensive income | 122 | 122 | |||
Distributions to Class A Convertible Preferred unitholders | (18,684) | (18,684) | |||
Partners' capital, ending balance (units) at Sep. 30, 2020 | 122,579 | ||||
Partners' capital, ending balance at Sep. 30, 2020 | $ 941,895 | $ 951,554 | $ (1,593) | $ (8,066) |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (319,166) | $ 75,406 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities - | ||
Depreciation, depletion and amortization | 222,210 | 240,513 |
Asset Impairment Charges | 280,826 | 0 |
Amortization and write-off of debt issuance costs and discount | 17,515 | 8,065 |
Amortization of unearned income and initial direct costs on direct financing leases | (8,217) | (9,271) |
Payments received under direct financing leases | 56,837 | 15,501 |
Equity in earnings of investments in equity investees | (41,216) | (39,873) |
Cash distributions of earnings of equity investees | 40,773 | 39,725 |
Non-cash effect of long-term incentive compensation plans | (2,806) | 6,298 |
Deferred and other tax liabilities | 25 | 296 |
Unrealized (gains) losses on derivative transactions | (19,582) | 4,231 |
Cancellation of debt income | (20,534) | 0 |
Other, net | 16,817 | (3,518) |
Net changes in components of operating assets and liabilities (Note 14) | 72,146 | (5,644) |
Net cash provided by operating activities | 295,628 | 331,729 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to acquire fixed and intangible assets | (100,381) | (109,598) |
Cash distributions received from equity investees - return of investment | 14,943 | 18,333 |
Proceeds from asset sales | 447 | 890 |
Net cash used in investing activities | (84,991) | (90,375) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on senior secured credit facility | 814,100 | 597,500 |
Repayments on senior secured credit facility | (788,600) | (620,600) |
Proceeds from issuance of senior unsecured notes due 2028 | 750,000 | 0 |
Proceeds from issuance of preferred units | 0 | 49,400 |
Repayment of senior unsecured notes | (827,031) | 0 |
Debt issuance costs | (15,279) | 0 |
Contributions from noncontrolling interests | 2,163 | 3,605 |
Distributions to common unitholders | (104,192) | (202,256) |
Distributions to preferred unitholders | (56,052) | (24,822) |
Other, net | 1,865 | 2,128 |
Net cash used in financing activities | (223,026) | (195,045) |
Net increase (decrease) decrease in cash, restricted cash, and cash equivalents | (12,389) | 46,309 |
Cash, restricted cash and cash equivalents at beginning of period | 56,405 | 10,300 |
Cash, restricted cash and cash equivalents at end of period | $ 44,016 | $ 56,609 |
Organization and Basis of Prese
Organization and Basis of Presentation and Consolidation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation and Consolidation | Organization and Basis of Presentation and Consolidation Organization We are a growth-oriented master limited partnership formed in Delaware in 1996 and focused on the midstream segment of the crude oil and natural gas industry in the Gulf Coast region of the United States and the Gulf of Mexico. We provide an integrated suite of services to refiners, crude oil and natural gas producers, and industrial and commercial enterprises and have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, our soda ash business (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 the following four divisions that constitute our reportable segments: • Offshore pipeline transportation and 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, 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, sodium hydrosulfide (or "NaHS", commonly pronounced "nash"); • Onshore facilities and transportation, which include terminalling, blending, storing, marketing, and transporting crude oil, petroleum products, and CO 2 ; and • Marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America. Basis of Presentation and Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries, including our general partner, Genesis Energy, LLC. Our results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they reflect all adjustments (which consist solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial results for interim periods. Certain information and notes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the information contained in the periodic reports we file with the SEC pursuant to the Securities Exchange Act of 1934, including the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 (our "Annual Report"). 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. Covid-19 and Market Update In March 2020, the World Health Organization categorized Covid-19 as a pandemic, and the President of the United States declared the Covid-19 outbreak a national emergency. Our operations, which fall within the energy, mining and transportation sectors, are considered critical and essential by the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency ("CISA") and we have continued to operate our assets during this pandemic. Covid-19 has caused commodity prices to decline due to, among other things, reduced industrial activity and travel demand that are expected to continue in the near future. Beginning in the second quarter of 2020, our results were negatively impacted, primarily through lower volumes and demand for our assets, by the macroeconomic conditions and current operating environment. Additionally, as a result of lower current demand and the outlook for our crude-by-rail logistics assets, and rail becoming an uneconomic means of transportation for producers to get crude oil to their refineries, we recognized a non-cash impairment charge associated with these assets in our onshore facilities and transportation segment during the second quarter of 2020 (refer to Note 6 for additional discussion). In response to the pandemic and as part of our overall cost savings strategy, during the second quarter of 2020 we recorded a one-time charge of approximately $13 million associated with restructuring and severance expenses incurred during the period. In addition to Covid-19, which continued to negatively impact our results due to the lower demand and volumes across our businesses during the third quarter of 2020, we experienced several hurricanes, including Hurricane Laura, which caused downtime and damage to certain of our assets in the Gulf of Mexico causing a one-time increase in operating costs of approximately $5 million in our offshore pipeline transportation segment. As we exited the third quarter of 2020, we began to see a slight recovery in volumes and demand as certain regions of the United States and the world begin to re-open their economies. We considered the impact of lower commodity prices and Covid-19 on the assumptions and estimates reflected in our financial statements. |
Recent Accounting Developments
Recent Accounting Developments | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | Recent Accounting Developments Recently Adopted We have adopted guidance under ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as of January 1, 2020. The standard changed the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities are required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. We have assessed our receivables for expected losses by considering current and historical information pertaining to our trade accounts and existing contract assets. Our assessment resulted in an immaterial impact to our consolidated financial statements as of the adoption date and for the three and nine months ended September 30, 2020. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers The following tables reflect the disaggregation of our revenues by major category for the three months ended September 30, 2020 and 2019, respectively: Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 53,893 $ — $ 51,912 $ 22,406 $ 128,211 Product Sales — 188,201 — 108,183 296,384 Refinery Services — 18,530 — — 18,530 $ 53,893 $ 206,731 $ 51,912 $ 130,589 $ 443,125 Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 79,738 $ — $ 59,404 $ 36,937 $ 176,079 Product Sales — 259,332 — 168,091 427,423 Refinery Services — 18,195 — — 18,195 $ 79,738 $ 277,527 $ 59,404 $ 205,028 $ 621,697 The following tables reflect the disaggregation of our revenues by major category for the nine months ended September 30, 2020 and 2019, respectively: Nine Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 197,286 $ — $ 170,978 $ 85,241 $ 453,505 Product Sales — 575,977 — 275,265 851,242 Refinery Services — 66,768 — — 66,768 $ 197,286 $ 642,745 $ 170,978 $ 360,506 $ 1,371,515 Nine Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities & Transportation Consolidated Fee-based revenues $ 236,482 $ — $ 174,760 $ 112,713 $ 523,955 Product Sales — 769,264 — 524,917 1,294,181 Refinery Services — 58,355 — — 58,355 $ 236,482 $ 827,619 $ 174,760 $ 637,630 $ 1,876,491 The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. 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. Contract Assets and Liabilities The table below depicts our contract asset and liability balances at December 31, 2019 and September 30, 2020: Contract Assets Contract Liabilities Current Non-Current Current Non-Current Balance at December 31, 2019 $ 21,912 $ 54,232 $ 2,896 $ 23,170 Balance at September 30, 2020 36,558 20,209 3,020 20,929 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 September 30, 2020. We are exempted from disclosing performance obligations with a duration of one year or less, revenue recognized related to performance obligations where the consideration corresponds directly with the value provided to customers, and contracts with variable consideration that is allocated wholly to an unsatisfied performance obligation or promise to transfer a good or service that is part of a series in accordance with ASC 606. The majority of our contracts qualify for one of these expedients or exemptions. For the remaining contract types that involve revenue recognition over a long-term period with long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For 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 to future periods. The following chart depicts how we expect to recognize revenues for future periods related to these contracts: Offshore Pipeline Transportation Onshore Facilities and Transportation Remainder of 2020 $ 17,015 $ 15,868 2021 62,937 22,271 2022 73,204 4,703 2023 61,503 — 2024 53,778 — Thereafter 156,136 — Total $ 424,573 $ 42,842 |
Lease Accounting
Lease Accounting | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lease Accounting | Lease Accounting Lessee Arrangements We lease a variety of transportation equipment (including trucks, trailers, and railcars), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (under 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 less than 12 months are not recorded on our Unaudited Condensed Consolidated Balance Sheets. Lease expenses are recognized on a straight line basis over the lease term. Our Right of Use Assets, net balance includes our unamortized initial direct costs associated with certain of our transportation equipment leases. Additionally, it includes our unamortized prepaid rents, our deferred rents, and our previously classified intangible asset associated with a favorable lease. Our lease liability includes our remaining provision for each period presented for our cease-use provision for railcars no longer in use. Our short-term and long-term lease liabilities are recorded within "Accrued liabilities" and "Other long-term liabilities," respectively, on our Unaudited Condensed Consolidated Balance Sheets. Lessor Arrangements We have the following contracts 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 three and nine months ended September 30, 2020, we acted as a lessor in our revenue contract associated with our Free State pipeline system, included in our onshore facilities and transportation segment, and the M/T American Phoenix, included in our marine transportation segment. These revenues are recorded within its respective segment's revenues in the Unaudited Condensed Consolidated Statements of Operations. Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below for the three and nine months ended September 30, 2020 and 2019, respectively: Three Months Ended Nine Months Ended 2020 2019 2020 2019 M/T American Phoenix $ 6,787 $ 6,808 $ 20,164 $ 20,202 Free State Pipeline 1,467 1,290 4,889 4,174 The following table details the fixed future lease payments we will receive for our lessor arrangements classified as operating leases as of September 30, 2020: Maturity of Lessor Receipts Onshore Facilities and Transportation Remainder of 2020 $ 300 2021 1,200 2022 1,200 2023 1,200 2024 1,200 Thereafter 4,100 Total Lease Receipts $ 9,200 Direct Finance Lease |
Lease Accounting | Lease Accounting Lessee Arrangements We lease a variety of transportation equipment (including trucks, trailers, and railcars), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (under 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 less than 12 months are not recorded on our Unaudited Condensed Consolidated Balance Sheets. Lease expenses are recognized on a straight line basis over the lease term. Our Right of Use Assets, net balance includes our unamortized initial direct costs associated with certain of our transportation equipment leases. Additionally, it includes our unamortized prepaid rents, our deferred rents, and our previously classified intangible asset associated with a favorable lease. Our lease liability includes our remaining provision for each period presented for our cease-use provision for railcars no longer in use. Our short-term and long-term lease liabilities are recorded within "Accrued liabilities" and "Other long-term liabilities," respectively, on our Unaudited Condensed Consolidated Balance Sheets. Lessor Arrangements We have the following contracts 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 three and nine months ended September 30, 2020, we acted as a lessor in our revenue contract associated with our Free State pipeline system, included in our onshore facilities and transportation segment, and the M/T American Phoenix, included in our marine transportation segment. These revenues are recorded within its respective segment's revenues in the Unaudited Condensed Consolidated Statements of Operations. Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below for the three and nine months ended September 30, 2020 and 2019, respectively: Three Months Ended Nine Months Ended 2020 2019 2020 2019 M/T American Phoenix $ 6,787 $ 6,808 $ 20,164 $ 20,202 Free State Pipeline 1,467 1,290 4,889 4,174 The following table details the fixed future lease payments we will receive for our lessor arrangements classified as operating leases as of September 30, 2020: Maturity of Lessor Receipts Onshore Facilities and Transportation Remainder of 2020 $ 300 2021 1,200 2022 1,200 2023 1,200 2024 1,200 Thereafter 4,100 Total Lease Receipts $ 9,200 Direct Finance Lease |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major components of inventories were as follows: September 30, December 31, Petroleum products $ 1,868 $ 2,721 Crude oil 29,012 5,271 Caustic soda 5,510 5,965 NaHS 10,056 10,845 Raw materials - Alkali operations 7,194 6,238 Work-in-process - Alkali operations 8,565 8,579 Finished goods, net - Alkali operations 15,086 14,168 Materials and supplies, net - Alkali operations 12,520 11,350 Total $ 89,811 $ 65,137 |
Fixed Assets, Mineral Leasehold
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations | Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations Fixed Assets Fixed assets, net consisted of the following: September 30, December 31, Crude oil pipelines and natural gas pipelines and related assets $ 2,880,802 $ 2,891,489 Alkali facilities, machinery, and equipment 614,403 591,547 Onshore facilities, machinery, and equipment 264,763 640,376 Transportation equipment 19,336 19,864 Marine vessels 993,346 979,171 Land, buildings and improvements 217,770 238,451 Office equipment, furniture and fixtures 21,993 22,645 Construction in progress 155,099 115,162 Other 41,891 41,891 Fixed assets, at cost 5,209,403 5,540,596 Less: Accumulated depreciation (1,295,654) (1,246,121) Net fixed assets $ 3,913,749 $ 4,294,475 Mineral Leaseholds Our Mineral Leaseholds, relating to our Alkali Business, consist of the following: September 30, December 31, Mineral leaseholds $ 566,019 $ 566,019 Less: Accumulated depletion (12,602) (10,194) Mineral leaseholds, net of accumulated depletion $ 553,417 $ 555,825 Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Depreciation expense $ 62,499 $ 77,228 $ 206,830 $ 222,106 Depletion expense 604 1,204 2,408 3,488 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 current demand and outlook for our rail logistics assets declined. Due to this, 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 approximately $277 million 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, including approximately $272 million of net fixed assets and approximately $5 million of right of use assets, net on the Unaudited Condensed Consolidated Balance Sheet. 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 asset retirement obligations ("AROs") in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. The following table presents information regarding our AROs since December 31, 2019: ARO liability balance, December 31, 2019 $ 175,081 Accretion expense 6,809 Changes in estimate 609 Settlements (11,547) ARO liability balance, September 30, 2020 $ 170,952 Of the ARO balances disclosed above, $11.2 million and $26.6 million is included as current in "Accrued liabilities" on our Unaudited Condensed Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019, respectively. The remainder of the ARO liability as of September 30, 2020 and December 31, 2019 is included in "Other long-term liabilities" on our Unaudited Condensed Consolidated Balance Sheet. With respect to our AROs, the following table presents our estimate of accretion expense for the periods indicated: Remainder of 2020 $ 2,619 2021 $ 9,493 2022 $ 9,513 2023 $ 10,183 2024 $ 10,900 Certain of our unconsolidated affiliates have AROs recorded at September 30, 2020 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements. |
Equity Investees
Equity Investees | 9 Months Ended |
Sep. 30, 2020 | |
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. 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. Such excess cost amounts are included within the carrying values of our equity investees. At September 30, 2020 and December 31, 2019, the unamortized excess cost amounts totaled $339.2 million and $350.9 million, respectively. We amortize the excess cost as a reduction in equity earnings. The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees. Three Months Ended Nine Months Ended 2020 2019 2020 2019 Genesis’ share of operating earnings $ 18,312 $ 15,703 $ 52,834 $ 51,491 Amortization of excess purchase price (3,873) (3,873) (11,618) (11,618) Net equity in earnings $ 14,439 $ 11,830 $ 41,216 $ 39,873 Distributions received $ 16,757 $ 19,512 $ 55,716 $ 58,058 The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") (which is our most significant equity investment): September 30, December 31, BALANCE SHEET DATA: Assets Current assets $ 30,868 $ 30,307 Fixed assets, net 175,628 187,091 Other assets 1,833 2,113 Total assets $ 208,329 $ 219,511 Liabilities and equity Current liabilities $ 11,047 $ 15,558 Other liabilities 240,527 245,976 Equity (43,245) (42,023) Total liabilities and equity $ 208,329 $ 219,511 Three Months Ended Nine Months Ended 2020 2019 2020 2019 INCOME STATEMENT DATA: Revenues $ 35,351 $ 30,602 $ 98,662 $ 96,041 Operating income $ 27,002 $ 21,745 $ 72,530 $ 69,705 Net income $ 25,831 $ 19,431 $ 68,050 $ 62,576 Poseidon's Revolving Credit Facility |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets The following table summarizes the components of our intangible assets at the dates indicated: September 30, 2020 December 31, 2019 Gross Accumulated Carrying Gross Accumulated Carrying Marine contract intangibles (1) $ 800 $ 561 $ 239 $ 27,800 $ 23,033 $ 4,767 Offshore pipeline contract intangibles 158,101 42,992 115,109 158,101 36,752 121,349 Other 27,009 13,179 13,830 34,291 21,480 12,811 Total $ 185,910 $ 56,732 $ 129,178 $ 220,192 $ 81,265 $ 138,927 (1) The contract intangible associated with the M/T American Phoenix became fully amortized and retired as of September 30, 2020. Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Amortization of intangible assets $ 4,555 $ 4,928 $ 12,817 $ 14,029 We estimate that our amortization expense for the next five years will be as follows: Remainder of 2020 $ 2,781 2021 $ 10,729 2022 $ 10,571 2023 $ 10,303 2024 $ 9,988 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our obligations under debt arrangements consisted of the following: September 30, 2020 December 31, 2019 Principal Unamortized Debt Issuance Costs (1) Net Value Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Senior secured credit facility $ 984,800 $ — $ 984,800 $ 959,300 $ — $ 959,300 6.750% senior unsecured notes due 2022 — — — 750,000 9,349 740,651 6.000% senior unsecured notes due 2023 398,905 2,749 396,156 400,000 3,557 396,443 5.625% senior unsecured notes due 2024 341,135 3,177 337,958 350,000 3,923 346,077 6.500% senior unsecured notes due 2025 534,834 5,936 528,898 550,000 7,020 542,980 6.250% senior unsecured notes due 2026 400,712 4,883 395,829 450,000 6,214 443,786 7.750% senior unsecured notes due 2028 726,849 11,762 715,087 — — — Total long-term debt $ 3,387,235 $ 28,507 $ 3,358,728 $ 3,459,300 $ 30,063 $ 3,429,237 (1) Unamortized debt issuance costs associated with our senior secured credit facility (included in Other Long Term Assets on the Unaudited Condensed Consolidated Balance Sheet) were $6.9 million and $7.6 million as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, we were in compliance with the financial covenants contained in our credit agreement and senior unsecured notes indentures. Senior Secured Credit Facility The key terms for rates under our $1.7 billion senior secured credit facility, which are dependent on our leverage ratio (as defined in the credit agreement), are as follows: • The interest rate on borrowings may be based on an alternate base rate or a Eurodollar rate, at our option. The alternate base rate is equal to the sum of (a) the greatest of (i) the prime rate as established by the administrative agent for the credit facility, (ii) the federal funds effective rate plus 0.5% of 1% and (iii) the LIBOR rate for a one-month maturity plus 1% and (b) the applicable margin. The Eurodollar rate is equal to the sum of (a) the LIBOR rate for the applicable interest period multiplied by the statutory reserve rate and (b) the applicable margin. The applicable margin varies from 1.75% to 3.50% on Eurodollar borrowings and from 0.75% to 2.50% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At September 30, 2020, the applicable margins on our borrowings were 2.00% for alternate base rate borrowings and 3.00% for Eurodollar rate borrowings. • Letter of credit fee rates range from 1.75% to 3.50% based on our leverage ratio as computed under the credit facility. The rate can fluctuate quarterly. At September 30, 2020, our letter of credit rate was 3.00%. • We pay a commitment fee on the unused portion of the $1.7 billion maximum facility amount. The commitment fee rates on the unused committed amount will range from 0.25% to 0.50% per annum depending on our leverage ratio. At September 30, 2020, our commitment fee rate on the unused committed amount was 0.50%. • The accordion feature is $300.0 million, giving us the ability to expand the size of the facility to up to $2.0 billion for acquisitions or growth projects, subject to lender consent. On March 25, 2020, we amended our credit agreement. This amendment, among other things, (i) sets the maximum Consolidated Senior Secured Leverage Ratio (as defined in the credit agreement) at 3.25 to 1.00 throughout the remaining term of the facility, and (ii) allows us to purchase certain of our outstanding senior unsecured notes, subject to certain customary conditions. On July 24, 2020, we further amended our credit agreement. This amendment increases our Consolidated Leverage Ratio from 5.50X to 5.75X from September 30, 2020 through March 31, 2021, after which time it reverts back to 5.50X for the remaining term of the agreement. Additionally, it decreases our Consolidated Interest Coverage Ratio from 3.0X to 2.75X from September 30, 2020 through March 31, 2021, after which time it reverts back to 3.0X for the remaining term of the agreement. At September 30, 2020, we had $984.8 million borrowed under our $1.7 billion credit facility, with $27.8 million of the borrowed amount designated as a loan under the inventory sublimit. Our credit agreement allows up to $100.0 million of the capacity to be used for letters of credit, of which $1.1 million was outstanding at September 30, 2020. Due to the revolving nature of loans under our credit facility, additional borrowings and periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our credit facility at September 30, 2020 was $714.1 million, subject to compliance with covenants. 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 (as defined below in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations), and the liabilities of our unrestricted subsidiaries do not constitute obligations of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries except, in the case of Genesis Alkali Holdings Company, LLC ("Alkali Holdings") and Genesis Energy, L.P., to the extent agreed to in the services agreement between Genesis Energy, L.P. and Alkali Holdings dated as of September 23, 2019 (the "Services Agreement"). Senior Unsecured Note Transactions On January 16, 2020, we issued $750.0 million in aggregate principal amount of our 7.75% senior unsecured notes due February 15, 2028 (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 net proceeds were used to purchase $527.9 million of our existing 6.75% senior unsecured notes due August 1, 2022 (the “2022 Notes”), including the related accrued interest and tender premium on those notes, and the remaining proceeds at the time were used to repay a portion of the borrowings outstanding under our revolving credit facility. On January 17, 2020 we called for redemption the remaining $222.1 million of our 2022 Notes, and they were redeemed on February 16, 2020. We incurred a total loss of approximately $23.5 million relating to the extinguishment of our 2022 senior unsecured notes, inclusive of our transactions costs and the write-off of the related unamortized debt issuance costs and discount, which is recorded in "Other income, net" in our Unaudited Consolidated Statements of Operations for the nine months ended September 30, 2020. During 2020, we repurchased certain of our senior unsecured notes on the open market and recorded cancellation of debt income of $0.8 million and $20.5 million for the three and nine months ended September 30, 2020, respectively. These are recorded within "Other income, net" in our Unaudited Consolidated Statements of Operations. |
Partners' Capital, Mezzanine Ca
Partners' Capital, Mezzanine Capital and Distributions | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Partners' Capital, Mezzanine Capital and Distributions | Partners’ Capital, Mezzanine Capital and Distributions At September 30, 2020, our outstanding common units consisted of 122,539,221 Class A units and 39,997 Class B units. Distributions We paid or will pay the following distributions to our common unitholders in 2019 and 2020: Distribution For Date Paid Per Unit Total 2019 1 st Quarter May 15, 2019 $ 0.5500 $ 67,419 2 nd Quarter August 14, 2019 $ 0.5500 $ 67,419 3 rd Quarter November 14, 2019 $ 0.5500 $ 67,419 4 th Quarter February 14, 2020 $ 0.5500 $ 67,419 2020 1 st Quarter May 15, 2020 $ 0.1500 $ 18,387 2 nd Quarter August 14, 2020 $ 0.1500 $ 18,387 3 rd Quarter November 13, 2020 (1) $ 0.1500 $ 18,387 (1) This distribution was declared on October 6, 2020 and will be paid to unitholders of record as of October 30, 2020. Class A Convertible Preferred Units At September 30, 2020 we had 25,336,778 Class A Convertible Preferred Units (our "Class A Convertible Preferred Units") outstanding. 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. 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 our control. Therefore, we present them as temporary equity in the mezzanine section of the Unaudited Condensed Consolidated Balance Sheets. Because our Class A Convertible Preferred Units are not currently redeemable and we do not have plans or expect any events that constitute a change of control in our partnership agreement, we present our Class A Convertible Preferred Units at their initial carrying amount. However, we would be required to adjust that carrying amount if it becomes probable that we would be required to redeem our Class A Convertible Preferred Units. Initial and Subsequent Measurement We initially recognized our Class A Convertible Preferred Units at their issuance date fair value, net of issuance costs. We will not be required to 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. Our Class A Convertible Preferred Units contain a distribution Rate Reset Election (as defined in Note 15 ) option. This Rate Reset Election is bifurcated and accounted for separately as an embedded derivative and recorded at fair value at each reporting period. Refer to Note 15 and Note 16 for additional discussion. Class A Convertible Preferred Unit distributions are recognized on the date in which they are declared. Paid-in-kind ("PIK") distributions were declared and issued as follows: Distribution For Date Issued Number of Units (1) Total Amount 2019 1 st Quarter May 15, 2019 364,180 $ 12,277 (1) Subsequent to the first quarter of 2019, all distributions have b een and w ill be paid in cash. 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 $18.7 million and $56.1 million for the three and nine months ended September 30, 2020, and $18.7 million and $55.8 million for the three and nine months ended September 30, 2019. We paid or will pay the following cash distributions to our Class A Convertible Preferred unitholders in 2019 and 2020: Distribution For Date Paid Per Unit Total 2019 1 st Quarter May 15, 2019 $ 0.2458 $ 6,138 2 nd Quarter August 14, 2019 $ 0.7374 $ 18,684 3 rd Quarter November 14, 2019 $ 0.7374 $ 18,684 4 th Quarter February 14, 2020 $ 0.7374 $ 18,684 2020 1 st Quarter May 15, 2020 $ 0.7374 $ 18,684 2 nd Quarter August 14, 2020 $ 0.7374 $ 18,684 3 rd Quarter November 13, 2020 (1) $ 0.7374 $ 18,684 (1) This distribution was declared on October 6, 2020 and will be paid to unitholders of record as of October 30, 2020. Redeemable Noncontrolling Interests On September 23, 2019, we, through a subsidiary, Alkali Holdings, 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 GSO Capital Partners LP (collectively "GSO") purchased $55,000,000 (or 55,000 Alkali Holdings preferred units) and committed to purchase up to $350,000,000 of preferred units in 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. Alkali Holdings will use the net proceeds from the Alkali Holdings preferred units to fund up to 100% of the anticipated cost of expansion of the Granger facility. On April 14, 2020, we entered into an amendment to our agreements with GSO to, among other things, extend the construction timeline of the Granger expansion project by one year. In consideration for the amendment, we issued 1,750 Alkali Holdings preferred units to GSO, which was accounted for as issuance costs. As of September 30, 2020, there are 139,359 Alkali Holdings preferred units outstanding. Accounting for Redeemable Noncontrolling Interests Classification The Alkali Holdings preferred units issued and outstanding are accounted for as a redeemable noncontrolling interest in the mezzanine section on our Unaudited Condensed 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 as of September 30, 2020 represents 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 is the predetermined internal rate of return measure accreted using the effective interest method to the redemption value as of the reporting date. Net Income (Loss) Attributable to Genesis Energy, L.P. for the three months ended September 30, 2020 includes $4.2 million of adjustments, of which $3.5 million was allocated to the PIK distributions on the outstanding Alkali Holdings preferred units and $0.7 million was attributable to redemption accretion value adjustments. Additionally, Net Income (Loss) Attributable to Genesis Energy, L.P. for the nine months ended September 30, 2020 includes $12.4 million of adjustments, of which $10.2 million was allocated to the PIK distributions and $2.2 million was attributable to redemption accretion value adjustments. We elected to pay distributions for the period ended September 30, 2020 in-kind to our Alkali Holdings preferred unitholders. The unitholders liquidation preference is increased by new issuances and these PIK distributions and is reduced by tax distributions, which are required to be paid by us to fulfull the income tax liabilities of each holder of Alkali Holdings preferred units, paid to the unitholders. As of the reporting date, there are no triggering, change of control, early redemption or monetization events that are probable that would require us to revalue the Alkali Holdings preferred units. If the Alkali Holdings preferred units were redeemed on the reporting date of September 30, 2020, the redemption amount would be equal to $194.8 million, which would be the multiple of invested capital metric applied to the Alkali Holdings preferred units outstanding plus the make-whole amount on the undrawn minimum Alkali Holdings preferred units. The following table shows the change in our redeemable noncontrolling interest balance from December 31, 2019 to September 30, 2020: Balance as of December 31, 2019 $ 125,133 Issuance of preferred units, net of issuance costs (1) 7,457 PIK distributions 10,216 Redemption accretion 2,178 Tax distributions $ (7,509) Balance as of September 30, 2020 $ 137,475 (1) In July 2020, we submitted a tax call notice to GSO and issued 7,609 Alkali Holdings preferred units to satisfy the company's obligation to pay tax distributions. |
Net Income (Loss) Per Common Un
Net Income (Loss) Per Common Unit | 9 Months Ended |
Sep. 30, 2020 | |
Net Income per Common Unit [Abstract] | |
Net Income (Loss) Per Common Unit | Net Income (Loss) Per Common Unit Basic net income per common unit is computed by dividing net income, after considering income attributable to our preferred unitholders, by the weighted average number of common units outstanding. The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, these 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 three and nine months ended September 30, 2020, the effect of the assumed conversion of the 25,336,778 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): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Net Income (Loss) Attributable to Genesis Energy L.P. $ (29,717) $ 17,557 $ (331,522) $ 73,631 Less: Accumulated distributions attributable to Class A Convertible Preferred Units (18,684) (18,684) (56,052) (55,783) Net Income (Loss) Available to Common Unitholders $ (48,401) $ (1,127) $ (387,574) $ 17,848 Weighted Average Outstanding Units 122,579 122,579 122,579 122,579 Basic and Diluted Net Income (Loss) per Common Unit $ (0.39) $ (0.01) $ (3.16) $ 0.15 |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
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 high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, NaHS; • Onshore facilities and transportation – terminalling, blending, storing, marketing and transporting crude oil, petroleum products (primarily fuel oil, asphalt, and other heavy refined products) and CO 2 ;and • Marine transportation – marine transportation to provide waterborne transportation of petroleum 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), and segment general and administrative expenses, plus our equity in distributable cash generated by our equity investees. 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 direct financing leases. 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 the periods presented below was as follows: Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Onshore Facilities & Transportation Marine Transportation Total Three Months Ended September 30, 2020 Segment margin (a) $ 57,380 $ 27,592 $ 61,298 $ 15,587 $ 161,857 Capital expenditures (b) $ 2,899 $ 19,225 $ 1,446 $ 5,273 $ 28,843 Revenues: External customers $ 53,870 $ 208,909 $ 130,440 $ 49,906 $ 443,125 Intersegment (c) 23 (2,178) 149 2,006 $ — Total revenues of reportable segments $ 53,893 $ 206,731 $ 130,589 $ 51,912 $ 443,125 Three Months Ended September 30, 2019 Segment margin (a) $ 81,060 $ 55,258 $ 24,829 $ 14,672 $ 175,819 Capital expenditures (b) $ 1,996 $ 26,415 $ 1,599 $ 12,741 $ 42,751 Revenues: External customers $ 79,738 $ 279,416 $ 205,913 $ 56,630 $ 621,697 Intersegment (c) — (1,889) (885) 2,774 $ — Total revenues of reportable segments $ 79,738 $ 277,527 $ 205,028 $ 59,404 $ 621,697 Nine Months Ended September 30, 2020 Segment Margin (a) $ 217,774 $ 89,357 $ 110,612 $ 52,727 $ 470,470 Capital expenditures (b) $ 5,909 $ 67,662 $ 3,432 $ 22,998 $ 100,001 Revenues: External customers $ 197,263 $ 648,987 $ 361,929 $ 163,336 $ 1,371,515 Intersegment (c) 23 (6,242) (1,423) 7,642 $ — Total revenues of reportable segments $ 197,286 $ 642,745 $ 360,506 $ 170,978 $ 1,371,515 Nine Months Ended September 30, 2019 Segment Margin (a) $ 233,978 $ 171,602 $ 86,352 $ 41,563 $ 533,495 Capital expenditures (b) $ 4,975 $ 75,258 $ 5,383 $ 29,665 $ 115,281 Revenues: External customers $ 236,482 $ 833,278 $ 640,716 $ 166,015 $ 1,876,491 Intersegment (c) — (5,659) (3,086) 8,745 $ — Total revenues of reportable segments $ 236,482 $ 827,619 $ 637,630 $ 174,760 $ 1,876,491 Total assets by reportable segment were as follows: September 30, December 31, Offshore pipeline transportation $ 2,202,649 $ 2,306,946 Sodium minerals and sulfur services 1,959,863 2,019,905 Onshore facilities and transportation 1,027,353 1,457,190 Marine transportation 724,929 772,383 Other assets 38,556 41,217 Total consolidated assets $ 5,953,350 $ 6,597,641 (a) A reconciliation of total Segment Margin to net income (loss) attributable to Genesis Energy, L.P. for the periods is presented below. (b) 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. (c) Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Reconciliation of total Segment Margin to net income (loss) attributable to Genesis Energy, L.P.: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Total Segment Margin $ 161,857 $ 175,819 $ 470,470 $ 533,495 Corporate general and administrative expenses (10,801) (15,276) (42,160) (39,878) Depreciation, depletion, amortization and accretion (70,203) (87,209) (228,761) (233,250) Interest expense (51,312) (54,673) (157,895) (165,881) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (2,318) (7,682) (14,500) (18,185) Other non-cash items (2) 7,712 9,880 16,489 (7,223) Cash payments from direct financing leases in excess of earnings (3) (44,088) (2,131) (48,620) (6,238) Cancellation of debt income (4) 809 — 20,534 — Loss on extinguishment of debt (4) — — (23,480) — Differences in timing of cash receipts for certain contractual arrangements (5) (13,052) (1,249) (29,180) 10,886 Impairment expense (6) (3,331) — (280,826) — Provision for leased items no longer in use (696) 461 (624) 833 Redeemable noncontrolling interest redemption value adjustments (7) (4,149) (272) (12,394) (272) Income tax expense (145) (111) (575) (656) Net income (loss) attributable to Genesis Energy, L.P. $ (29,717) $ 17,557 $ (331,522) $ 73,631 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) The three and nine months ended September 30, 2020 include a $6.7 million unrealized gain and $17.4 million unrealized gain, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. The three and nine months ended September 30, 2019 include a $8.0 million unrealized gain and $0.3 million unrealized gain, respectively, from the valuation of the embedded derivative. Refer to Note 16 for details. (3) Represents the net effect of adding cash receipts from direct financing leases and deducting expenses relating to direct financing leases. The the three and nine months ended September 30, 2020 include the cash we received associated with the exercise of a letter of credit we had issued to us as beneficiary from a customer that defaulted under our agreement. (4) Refer to Note 9 for details surrounding the extinguishment of our 2022 notes and note repurchases. (5) 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. (6) Refer to Note 6 for details surrounding impairment expense. (7) Includes PIK distributions attributable to the period and accretion on the redemption feature. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | Transactions with Related Parties The transactions with related parties were as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenues: Revenues from services and fees to Poseidon (1) $ 3,102 $ 3,019 $ 9,284 $ 9,420 Revenues from product sales to ANSAC 44,095 99,878 165,869 272,341 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 495 $ 495 Charges for services from Poseidon (1) 231 240 734 742 Charges for services from ANSAC 528 1,020 1,989 3,356 (1) We own a 64% interest in Poseidon 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. Poseidon At September 30, 2020 and December 31, 2019, Poseidon owed us $1.9 million and $2.4 million, respectively, for services rendered. We are the operator of Poseidon and provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement renews automatically annually unless terminated by either party (as defined in the agreement). Our revenues for the three and nine months ended September 30, 2020 reflect $2.3 million and $6.8 million, respectively. Our revenues for the three and nine months ended September 30, 2019 reflect $2.2 million and $6.7 million, respectively of fees we earned through the provision of services under that agreement. 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. Members sell products to ANSAC to satisfy ANSAC’s sales commitments to its customers. 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 otherwise incur if we operated our 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. ANSAC is considered a variable interest entity (VIE) because we experience certain risks and rewards from our relationship with it. As we do not exercise control over ANSAC and are not considered its primary beneficiary, we do not consolidate ANSAC. The ANSAC membership agreement provides that in the event an ANSAC member exits or the ANSAC cooperative is dissolved, the exiting members are obligated for their respective portion of the residual net assets or deficit of the cooperative. As of September 30, 2020, such amount is not estimable. Net Sales to ANSAC were $44.1 million and $165.9 million during the three and nine months ended September 30, 2020 and were $99.9 million and $272.3 million during the three and nine months ended September 30, 2019. The costs charged to us by ANSAC, included in operating costs, were $0.5 million and $2.0 million during the three and nine months ended September 30, 2020 and were $1.0 million and $3.4 million during the three and nine months ended September 30, 2019. Receivables from and payables to ANSAC as of September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, 2020 2019 Receivables: ANSAC $ 26,106 $ 68,075 Payables: ANSAC $ 305 $ 2,103 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2020 | |
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. Nine Months Ended 2020 2019 (Increase) decrease in: Accounts receivable $ 165,505 $ 6,294 Inventories (24,674) 709 Deferred charges 17,616 135 Other current assets (1,620) (10,358) Increase (decrease) in: Accounts payable (59,477) 46,530 Accrued liabilities (25,204) (48,954) Net changes in components of operating assets and liabilities $ 72,146 $ (5,644) Payments of interest and commitment fees were $138.3 million and $145.4 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. We capitalized interest of $1.4 million and $2.9 million during the nine months ended September 30, 2020 and September 30, 2019, respectively. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
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 (primarily futures and options contracts traded on the NYMEX) to hedge our exposure to commodity prices, primarily of crude oil, fuel oil and petroleum products. Our decision as 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 derivative contracts available on the NYMEX; therefore, we do not designate derivative contracts utilized to limit our price risk related to these 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 in the Unaudited Condensed Consolidated Statements of Operations. In accordance with NYMEX requirements, we fund the margin associated with our commodity derivative contracts traded on the NYMEX. The amount of the margin is adjusted daily based on the fair value of the commodity contracts. The margin requirements are intended to mitigate a party's exposure to market volatility and the associated contracting party risk. We offset fair value amounts recorded for our NYMEX derivative contracts against margin funding as required by the NYMEX in Current Assets - Other in our Unaudited Condensed Consolidated Balance Sheets. Additionally, we enter into 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 and future purchase 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 the derivative contracts as increases or decreases in our cost of sales. At September 30, 2020, we entered into the following outstanding derivative commodity contracts to economically hedge inventory or fixed price purchase commitments. Sell (Short) Buy (Long) Designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 444 — Weighted average contract price per bbl $ 38.55 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 495 312 Weighted average contract price per bbl $ 41.36 $ 42.97 Natural gas swaps: Contract volumes (10,000 MMBTU) 274 — Weighted average price differential per MMBTU $ 0.27 $ — Natural gas futures: Contract volumes (10,000 MMBTU) 92 318 Weighted average contract price per MMBTU $ 2.25 $ 2.48 Fuel oil futures: Contract volumes (1,000 bbls) 15 20 Weighted average contract price per bbl $ 37.10 $ 37.05 Crude oil options: Contract volumes (1,000 bbls) 33 13 Weighted average premium received/paid $ 0.82 $ 0.15 Financial Statement Impacts 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 gain (loss) position of our derivatives at September 30, 2020 and December 31, 2019: Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value September 30, December 31, Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 1,139 $ 207 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1,139) (207) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Natural Gas Swap (undesignated hedge) Current Assets - Other 1,145 1,382 Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 690 $ 4 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (690) (4) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Liability Derivatives: Preferred Distribution Rate Reset Election (2) Other long-term liabilities (34,120) (51,515) Natural Gas Swap (undesignated hedge) Accrued Liabilities — — Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (568) $ (2,079) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 568 1,064 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ (1,015) Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (1,428) $ (50) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,428 50 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — (1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other. (2) Refer to Note 10 and Note 16 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 amounts associated with cash margin. 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 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 September 30, 2020, we had a net broker receivable of approximately $4.6 million (consisting of initial margin of $4.0 million increased by $0.6 million of variation margin). As of December 31, 2019, we had a net broker receivable of approximately $0.9 million (consisting of initial margin of $0.8 million increased by $0.1 million of variation margin). At September 30, 2020 and December 31, 2019, 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 one-time election to reset the quarterly distribution amount (a "Rate Reset Election") to a cash amount per Class A Convertible Preferred Unit equal to the amount that would be payable per quarter if a Class A Convertible 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 Sheet. Corresponding changes in fair value are recognized in Other income, net in our Unaudited Condensed Consolidated Statement of Operations. At September 30, 2020, the fair value of this embedded derivative was a liability of $34.1 million. See Note 10 for additional information regarding our Class A Convertible Preferred Units and the Rate Reset Election. Effect on Operating Results Amount of Gain (Loss) Recognized in Income Unaudited Condensed Consolidated Statements of Operations Location Three Months Ended Nine Months Ended 2020 2019 2020 2019 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ (854) $ 227 $ (11,061) $ (492) Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs, sodium minerals and sulfur services operating costs 1,175 1,373 (2,842) (6,718) Total commodity derivatives $ 321 $ 1,600 $ (13,903) $ (7,210) Natural Gas Swap Liability Sodium minerals and sulfur services operating costs $ 666 $ 81 $ 1,217 $ 1,316 Preferred Distribution Rate Reset Election Other income, net $ 6,689 $ 7,974 $ 17,395 $ 306 |
Fair-Value Measurements
Fair-Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
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 September 30, 2020 and December 31, 2019. Fair Value at Fair Value at September 30, 2020 December 31, 2019 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 1,829 $ 1,145 $ — $ 211 $ 1,382 $ — Liabilities $ (1,996) $ — $ — $ (2,129) $ — $ — Preferred Distribution Rate Reset Election $ — $ — $ (34,120) $ — $ — $ (51,515) 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: Nine Months Ended 2020 Balance as of December 31, 2019 $ (51,515) Unrealized gain for the period included in earnings 17,395 Balance as of September 30, 2020 $ (34,120) 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 September 30, 2020. The fair value of the embedded derivative feature is based on a valuation model that estimates the fair value of our Class A Convertible Preferred Units with and without a Rate Reset Election. This model contains inputs, including our common unit price relative to the issuance price, the current dividend yield, credit spread, default probabilities, equity volatility and timing estimates which involve management judgment. Our equity volatility rate used to value our embedded derivative feature was 50% at September 30, 2020. A significant increase or decrease in the value of these inputs could result in a material change in fair value to this embedded derivative feature. Due to significant changes and fluctuations in the energy industry credit markets and our common unit price during the period, we recorded an unrealized gain of $6.7 million and $17.4 million, respectively, for the three and nine months ended September 30, 2020. These effects are recorded within "Other income, net" on the Unaudited Condensed Consolidated Statements of Operations. See Note 15 for additional information on our derivative instruments. Other Fair Value Measurements We believe the debt outstanding under our credit facility approximates fair value as the stated rate of interest approximates current market rates of interest for similar instruments with comparable maturities. At September 30, 2020 our senior unsecured notes had a carrying value of $2.4 billion and fair value of $2.1 billion compared to a carrying value and fair value of $2.5 billion at December 31, 2019. 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. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are subject to various environmental laws and regulations. Policies and procedures are in place to aid in monitoring compliance and detecting and addressing releases of crude oil from our pipelines or other facilities and from our mining operations relating to our Alkali Business; however, no assurance can be made that such environmental releases may not substantially affect our business. 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn October 30, 2020, we reached an agreement with a subsidiary of Denbury Inc. to transfer to them the ownership of our remaining CO2 assets, including the NEJD and Free State pipelines. As a part of the agreement, we will receive total consideration of $92.5 million, of which $22.5 million was paid in the fourth quarter of 2020 upon execution of the agreement, and the remaining $70 million will be paid in equal installments in each quarter during 2021. We will record a loss of approximately $21.5 million in the fourth quarter which represents the difference between the proceeds and the net book value of the assets transferred. |
Recent Accounting Developments
Recent Accounting Developments (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Recently Accounting Developments | Recent Accounting Developments Recently Adopted We have adopted guidance under ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as of January 1, 2020. The standard changed the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities are required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. We have assessed our receivables for expected losses by considering current and historical information pertaining to our trade accounts and existing contract assets. Our assessment resulted in an immaterial impact to our consolidated financial statements as of the adoption date and for the three and nine months ended September 30, 2020. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables reflect the disaggregation of our revenues by major category for the three months ended September 30, 2020 and 2019, respectively: Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 53,893 $ — $ 51,912 $ 22,406 $ 128,211 Product Sales — 188,201 — 108,183 296,384 Refinery Services — 18,530 — — 18,530 $ 53,893 $ 206,731 $ 51,912 $ 130,589 $ 443,125 Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 79,738 $ — $ 59,404 $ 36,937 $ 176,079 Product Sales — 259,332 — 168,091 427,423 Refinery Services — 18,195 — — 18,195 $ 79,738 $ 277,527 $ 59,404 $ 205,028 $ 621,697 The following tables reflect the disaggregation of our revenues by major category for the nine months ended September 30, 2020 and 2019, respectively: Nine Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 197,286 $ — $ 170,978 $ 85,241 $ 453,505 Product Sales — 575,977 — 275,265 851,242 Refinery Services — 66,768 — — 66,768 $ 197,286 $ 642,745 $ 170,978 $ 360,506 $ 1,371,515 Nine Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities & Transportation Consolidated Fee-based revenues $ 236,482 $ — $ 174,760 $ 112,713 $ 523,955 Product Sales — 769,264 — 524,917 1,294,181 Refinery Services — 58,355 — — 58,355 $ 236,482 $ 827,619 $ 174,760 $ 637,630 $ 1,876,491 |
Schedule of Contract Asset and Liabilities Balances Activity | The table below depicts our contract asset and liability balances at December 31, 2019 and September 30, 2020: Contract Assets Contract Liabilities Current Non-Current Current Non-Current Balance at December 31, 2019 $ 21,912 $ 54,232 $ 2,896 $ 23,170 Balance at September 30, 2020 36,558 20,209 3,020 20,929 |
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: Offshore Pipeline Transportation Onshore Facilities and Transportation Remainder of 2020 $ 17,015 $ 15,868 2021 62,937 22,271 2022 73,204 4,703 2023 61,503 — 2024 53,778 — Thereafter 156,136 — Total $ 424,573 $ 42,842 |
Lease Accounting (Tables)
Lease Accounting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Lease Revenues for Operating Leases | Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below for the three and nine months ended September 30, 2020 and 2019, respectively: Three Months Ended Nine Months Ended 2020 2019 2020 2019 M/T American Phoenix $ 6,787 $ 6,808 $ 20,164 $ 20,202 Free State Pipeline 1,467 1,290 4,889 4,174 |
Schedule of Fixed Operating Lease Payments to be Received by Lessor Arrangement | The following table details the fixed future lease payments we will receive for our lessor arrangements classified as operating leases as of September 30, 2020: Maturity of Lessor Receipts Onshore Facilities and Transportation Remainder of 2020 $ 300 2021 1,200 2022 1,200 2023 1,200 2024 1,200 Thereafter 4,100 Total Lease Receipts $ 9,200 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Components of Inventories | The major components of inventories were as follows: September 30, December 31, Petroleum products $ 1,868 $ 2,721 Crude oil 29,012 5,271 Caustic soda 5,510 5,965 NaHS 10,056 10,845 Raw materials - Alkali operations 7,194 6,238 Work-in-process - Alkali operations 8,565 8,579 Finished goods, net - Alkali operations 15,086 14,168 Materials and supplies, net - Alkali operations 12,520 11,350 Total $ 89,811 $ 65,137 |
Fixed Assets, Mineral Leaseho_2
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Schedule of Fixed Assets | Fixed assets, net consisted of the following: September 30, December 31, Crude oil pipelines and natural gas pipelines and related assets $ 2,880,802 $ 2,891,489 Alkali facilities, machinery, and equipment 614,403 591,547 Onshore facilities, machinery, and equipment 264,763 640,376 Transportation equipment 19,336 19,864 Marine vessels 993,346 979,171 Land, buildings and improvements 217,770 238,451 Office equipment, furniture and fixtures 21,993 22,645 Construction in progress 155,099 115,162 Other 41,891 41,891 Fixed assets, at cost 5,209,403 5,540,596 Less: Accumulated depreciation (1,295,654) (1,246,121) Net fixed assets $ 3,913,749 $ 4,294,475 |
Schedule of Mineral Leaseholds | Our Mineral Leaseholds, relating to our Alkali Business, consist of the following: September 30, December 31, Mineral leaseholds $ 566,019 $ 566,019 Less: Accumulated depletion (12,602) (10,194) Mineral leaseholds, net of accumulated depletion $ 553,417 $ 555,825 |
Schedule of Depreciation and Depletion Expense | Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Depreciation expense $ 62,499 $ 77,228 $ 206,830 $ 222,106 Depletion expense 604 1,204 2,408 3,488 |
Schedule of Change in Asset Retirement Obligation | The following table presents information regarding our AROs since December 31, 2019: ARO liability balance, December 31, 2019 $ 175,081 Accretion expense 6,809 Changes in estimate 609 Settlements (11,547) ARO liability balance, September 30, 2020 $ 170,952 |
Schedule of Forecast of Accretion Expense of Asset Retirement Obligations | With respect to our AROs, the following table presents our estimate of accretion expense for the periods indicated: Remainder of 2020 $ 2,619 2021 $ 9,493 2022 $ 9,513 2023 $ 10,183 2024 $ 10,900 |
Equity Investees (Tables)
Equity Investees (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Consolidated Financial Statements Related to Equity Investees | The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees. Three Months Ended Nine Months Ended 2020 2019 2020 2019 Genesis’ share of operating earnings $ 18,312 $ 15,703 $ 52,834 $ 51,491 Amortization of excess purchase price (3,873) (3,873) (11,618) (11,618) Net equity in earnings $ 14,439 $ 11,830 $ 41,216 $ 39,873 Distributions received $ 16,757 $ 19,512 $ 55,716 $ 58,058 |
Schedule of Balance Sheet Information for Equity Investees | The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") (which is our most significant equity investment): September 30, December 31, BALANCE SHEET DATA: Assets Current assets $ 30,868 $ 30,307 Fixed assets, net 175,628 187,091 Other assets 1,833 2,113 Total assets $ 208,329 $ 219,511 Liabilities and equity Current liabilities $ 11,047 $ 15,558 Other liabilities 240,527 245,976 Equity (43,245) (42,023) Total liabilities and equity $ 208,329 $ 219,511 |
Schedule Of Operations For Equity Investees | Three Months Ended Nine Months Ended 2020 2019 2020 2019 INCOME STATEMENT DATA: Revenues $ 35,351 $ 30,602 $ 98,662 $ 96,041 Operating income $ 27,002 $ 21,745 $ 72,530 $ 69,705 Net income $ 25,831 $ 19,431 $ 68,050 $ 62,576 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Components of Intangible Assets | The following table summarizes the components of our intangible assets at the dates indicated: September 30, 2020 December 31, 2019 Gross Accumulated Carrying Gross Accumulated Carrying Marine contract intangibles (1) $ 800 $ 561 $ 239 $ 27,800 $ 23,033 $ 4,767 Offshore pipeline contract intangibles 158,101 42,992 115,109 158,101 36,752 121,349 Other 27,009 13,179 13,830 34,291 21,480 12,811 Total $ 185,910 $ 56,732 $ 129,178 $ 220,192 $ 81,265 $ 138,927 (1) The contract intangible associated with the M/T American Phoenix became fully amortized and retired as of September 30, 2020. |
Schedule of Amortization Expense | Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Amortization of intangible assets $ 4,555 $ 4,928 $ 12,817 $ 14,029 |
Schedule of Expected Amortization Expense | We estimate that our amortization expense for the next five years will be as follows: Remainder of 2020 $ 2,781 2021 $ 10,729 2022 $ 10,571 2023 $ 10,303 2024 $ 9,988 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Obligations Under Debt Arrangements | Our obligations under debt arrangements consisted of the following: September 30, 2020 December 31, 2019 Principal Unamortized Debt Issuance Costs (1) Net Value Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Senior secured credit facility $ 984,800 $ — $ 984,800 $ 959,300 $ — $ 959,300 6.750% senior unsecured notes due 2022 — — — 750,000 9,349 740,651 6.000% senior unsecured notes due 2023 398,905 2,749 396,156 400,000 3,557 396,443 5.625% senior unsecured notes due 2024 341,135 3,177 337,958 350,000 3,923 346,077 6.500% senior unsecured notes due 2025 534,834 5,936 528,898 550,000 7,020 542,980 6.250% senior unsecured notes due 2026 400,712 4,883 395,829 450,000 6,214 443,786 7.750% senior unsecured notes due 2028 726,849 11,762 715,087 — — — Total long-term debt $ 3,387,235 $ 28,507 $ 3,358,728 $ 3,459,300 $ 30,063 $ 3,429,237 (1) Unamortized debt issuance costs associated with our senior secured credit facility (included in Other Long Term Assets on the Unaudited Condensed Consolidated Balance Sheet) were $6.9 million and $7.6 million as of September 30, 2020 and December 31, 2019, respectively. |
Partners' Capital, Mezzanine _2
Partners' Capital, Mezzanine Capital and Distributions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Paid Distributions | We paid or will pay the following distributions to our common unitholders in 2019 and 2020: Distribution For Date Paid Per Unit Total 2019 1 st Quarter May 15, 2019 $ 0.5500 $ 67,419 2 nd Quarter August 14, 2019 $ 0.5500 $ 67,419 3 rd Quarter November 14, 2019 $ 0.5500 $ 67,419 4 th Quarter February 14, 2020 $ 0.5500 $ 67,419 2020 1 st Quarter May 15, 2020 $ 0.1500 $ 18,387 2 nd Quarter August 14, 2020 $ 0.1500 $ 18,387 3 rd Quarter November 13, 2020 (1) $ 0.1500 $ 18,387 (1) This distribution was declared on October 6, 2020 and will be paid to unitholders of record as of October 30, 2020. Distribution For Date Paid Per Unit Total 2019 1 st Quarter May 15, 2019 $ 0.2458 $ 6,138 2 nd Quarter August 14, 2019 $ 0.7374 $ 18,684 3 rd Quarter November 14, 2019 $ 0.7374 $ 18,684 4 th Quarter February 14, 2020 $ 0.7374 $ 18,684 2020 1 st Quarter May 15, 2020 $ 0.7374 $ 18,684 2 nd Quarter August 14, 2020 $ 0.7374 $ 18,684 3 rd Quarter November 13, 2020 (1) $ 0.7374 $ 18,684 (1) This distribution was declared on October 6, 2020 and will be paid to unitholders of record as of October 30, 2020. |
Schedule of Paid-in-Kind Distributions | Class A Convertible Preferred Unit distributions are recognized on the date in which they are declared. Paid-in-kind ("PIK") distributions were declared and issued as follows: Distribution For Date Issued Number of Units (1) Total Amount 2019 1 st Quarter May 15, 2019 364,180 $ 12,277 (1) Subsequent to the first quarter of 2019, all distributions have b een and w ill be paid in cash. |
Schedule of Changes in Redeemable Noncontrolling Interest | The following table shows the change in our redeemable noncontrolling interest balance from December 31, 2019 to September 30, 2020: Balance as of December 31, 2019 $ 125,133 Issuance of preferred units, net of issuance costs (1) 7,457 PIK distributions 10,216 Redemption accretion 2,178 Tax distributions $ (7,509) Balance as of September 30, 2020 $ 137,475 (1) In July 2020, we submitted a tax call notice to GSO and issued 7,609 Alkali Holdings preferred units to satisfy the company's obligation to pay tax distributions. |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Unit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Net Income per Common Unit [Abstract] | |
Schedule of Computation 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): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Net Income (Loss) Attributable to Genesis Energy L.P. $ (29,717) $ 17,557 $ (331,522) $ 73,631 Less: Accumulated distributions attributable to Class A Convertible Preferred Units (18,684) (18,684) (56,052) (55,783) Net Income (Loss) Available to Common Unitholders $ (48,401) $ (1,127) $ (387,574) $ 17,848 Weighted Average Outstanding Units 122,579 122,579 122,579 122,579 Basic and Diluted Net Income (Loss) per Common Unit $ (0.39) $ (0.01) $ (3.16) $ 0.15 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information for the periods presented below was as follows: Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Onshore Facilities & Transportation Marine Transportation Total Three Months Ended September 30, 2020 Segment margin (a) $ 57,380 $ 27,592 $ 61,298 $ 15,587 $ 161,857 Capital expenditures (b) $ 2,899 $ 19,225 $ 1,446 $ 5,273 $ 28,843 Revenues: External customers $ 53,870 $ 208,909 $ 130,440 $ 49,906 $ 443,125 Intersegment (c) 23 (2,178) 149 2,006 $ — Total revenues of reportable segments $ 53,893 $ 206,731 $ 130,589 $ 51,912 $ 443,125 Three Months Ended September 30, 2019 Segment margin (a) $ 81,060 $ 55,258 $ 24,829 $ 14,672 $ 175,819 Capital expenditures (b) $ 1,996 $ 26,415 $ 1,599 $ 12,741 $ 42,751 Revenues: External customers $ 79,738 $ 279,416 $ 205,913 $ 56,630 $ 621,697 Intersegment (c) — (1,889) (885) 2,774 $ — Total revenues of reportable segments $ 79,738 $ 277,527 $ 205,028 $ 59,404 $ 621,697 Nine Months Ended September 30, 2020 Segment Margin (a) $ 217,774 $ 89,357 $ 110,612 $ 52,727 $ 470,470 Capital expenditures (b) $ 5,909 $ 67,662 $ 3,432 $ 22,998 $ 100,001 Revenues: External customers $ 197,263 $ 648,987 $ 361,929 $ 163,336 $ 1,371,515 Intersegment (c) 23 (6,242) (1,423) 7,642 $ — Total revenues of reportable segments $ 197,286 $ 642,745 $ 360,506 $ 170,978 $ 1,371,515 Nine Months Ended September 30, 2019 Segment Margin (a) $ 233,978 $ 171,602 $ 86,352 $ 41,563 $ 533,495 Capital expenditures (b) $ 4,975 $ 75,258 $ 5,383 $ 29,665 $ 115,281 Revenues: External customers $ 236,482 $ 833,278 $ 640,716 $ 166,015 $ 1,876,491 Intersegment (c) — (5,659) (3,086) 8,745 $ — Total revenues of reportable segments $ 236,482 $ 827,619 $ 637,630 $ 174,760 $ 1,876,491 Total assets by reportable segment were as follows: September 30, December 31, Offshore pipeline transportation $ 2,202,649 $ 2,306,946 Sodium minerals and sulfur services 1,959,863 2,019,905 Onshore facilities and transportation 1,027,353 1,457,190 Marine transportation 724,929 772,383 Other assets 38,556 41,217 Total consolidated assets $ 5,953,350 $ 6,597,641 (a) A reconciliation of total Segment Margin to net income (loss) attributable to Genesis Energy, L.P. for the periods is presented below. (b) 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. (c) Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. |
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliation of total Segment Margin to net income (loss) attributable to Genesis Energy, L.P.: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Total Segment Margin $ 161,857 $ 175,819 $ 470,470 $ 533,495 Corporate general and administrative expenses (10,801) (15,276) (42,160) (39,878) Depreciation, depletion, amortization and accretion (70,203) (87,209) (228,761) (233,250) Interest expense (51,312) (54,673) (157,895) (165,881) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (2,318) (7,682) (14,500) (18,185) Other non-cash items (2) 7,712 9,880 16,489 (7,223) Cash payments from direct financing leases in excess of earnings (3) (44,088) (2,131) (48,620) (6,238) Cancellation of debt income (4) 809 — 20,534 — Loss on extinguishment of debt (4) — — (23,480) — Differences in timing of cash receipts for certain contractual arrangements (5) (13,052) (1,249) (29,180) 10,886 Impairment expense (6) (3,331) — (280,826) — Provision for leased items no longer in use (696) 461 (624) 833 Redeemable noncontrolling interest redemption value adjustments (7) (4,149) (272) (12,394) (272) Income tax expense (145) (111) (575) (656) Net income (loss) attributable to Genesis Energy, L.P. $ (29,717) $ 17,557 $ (331,522) $ 73,631 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) The three and nine months ended September 30, 2020 include a $6.7 million unrealized gain and $17.4 million unrealized gain, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. The three and nine months ended September 30, 2019 include a $8.0 million unrealized gain and $0.3 million unrealized gain, respectively, from the valuation of the embedded derivative. Refer to Note 16 for details. (3) Represents the net effect of adding cash receipts from direct financing leases and deducting expenses relating to direct financing leases. The the three and nine months ended September 30, 2020 include the cash we received associated with the exercise of a letter of credit we had issued to us as beneficiary from a customer that defaulted under our agreement. (4) Refer to Note 9 for details surrounding the extinguishment of our 2022 notes and note repurchases. (5) 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. (6) Refer to Note 6 for details surrounding impairment expense. (7) Includes PIK distributions attributable to the period and accretion on the redemption feature. |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule Of Transactions with Related Parties | The transactions with related parties were as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenues: Revenues from services and fees to Poseidon (1) $ 3,102 $ 3,019 $ 9,284 $ 9,420 Revenues from product sales to ANSAC 44,095 99,878 165,869 272,341 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 495 $ 495 Charges for services from Poseidon (1) 231 240 734 742 Charges for services from ANSAC 528 1,020 1,989 3,356 (1) We own a 64% interest in Poseidon Receivables from and payables to ANSAC as of September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, 2020 2019 Receivables: ANSAC $ 26,106 $ 68,075 Payables: ANSAC $ 305 $ 2,103 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
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. Nine Months Ended 2020 2019 (Increase) decrease in: Accounts receivable $ 165,505 $ 6,294 Inventories (24,674) 709 Deferred charges 17,616 135 Other current assets (1,620) (10,358) Increase (decrease) in: Accounts payable (59,477) 46,530 Accrued liabilities (25,204) (48,954) Net changes in components of operating assets and liabilities $ 72,146 $ (5,644) |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At September 30, 2020, we entered into the following outstanding derivative commodity contracts to economically hedge inventory or fixed price purchase commitments. Sell (Short) Buy (Long) Designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 444 — Weighted average contract price per bbl $ 38.55 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 495 312 Weighted average contract price per bbl $ 41.36 $ 42.97 Natural gas swaps: Contract volumes (10,000 MMBTU) 274 — Weighted average price differential per MMBTU $ 0.27 $ — Natural gas futures: Contract volumes (10,000 MMBTU) 92 318 Weighted average contract price per MMBTU $ 2.25 $ 2.48 Fuel oil futures: Contract volumes (1,000 bbls) 15 20 Weighted average contract price per bbl $ 37.10 $ 37.05 Crude oil options: Contract volumes (1,000 bbls) 33 13 Weighted average premium received/paid $ 0.82 $ 0.15 |
Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value gain (loss) position of our derivatives at September 30, 2020 and December 31, 2019: Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value September 30, December 31, Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 1,139 $ 207 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1,139) (207) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Natural Gas Swap (undesignated hedge) Current Assets - Other 1,145 1,382 Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 690 $ 4 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (690) (4) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Liability Derivatives: Preferred Distribution Rate Reset Election (2) Other long-term liabilities (34,120) (51,515) Natural Gas Swap (undesignated hedge) Accrued Liabilities — — Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (568) $ (2,079) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 568 1,064 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ (1,015) Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (1,428) $ (50) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,428 50 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — (1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other. (2) Refer to Note 10 and Note 16 for additional discussion surrounding the Preferred Distribution Rate Reset Election derivative. |
Schedule of Effect on Operating Results | Effect on Operating Results Amount of Gain (Loss) Recognized in Income Unaudited Condensed Consolidated Statements of Operations Location Three Months Ended Nine Months Ended 2020 2019 2020 2019 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ (854) $ 227 $ (11,061) $ (492) Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs, sodium minerals and sulfur services operating costs 1,175 1,373 (2,842) (6,718) Total commodity derivatives $ 321 $ 1,600 $ (13,903) $ (7,210) Natural Gas Swap Liability Sodium minerals and sulfur services operating costs $ 666 $ 81 $ 1,217 $ 1,316 Preferred Distribution Rate Reset Election Other income, net $ 6,689 $ 7,974 $ 17,395 $ 306 |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and December 31, 2019. Fair Value at Fair Value at September 30, 2020 December 31, 2019 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 1,829 $ 1,145 $ — $ 211 $ 1,382 $ — Liabilities $ (1,996) $ — $ — $ (2,129) $ — $ — Preferred Distribution Rate Reset Election $ — $ — $ (34,120) $ — $ — $ (51,515) |
Schedule of Reconciliation of Changes in Fair Value of Derivatives Classified as Level 3 | The following table provides a reconciliation of changes in fair value at the beginning and ending balances for our derivatives classified as level 3: Nine Months Ended 2020 Balance as of December 31, 2019 $ (51,515) Unrealized gain for the period included in earnings 17,395 Balance as of September 30, 2020 $ (34,120) |
Organization and Basis of Pre_2
Organization and Basis of Presentation and Consolidation (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020segment | |
Other Ownership Interests [Line Items] | |||
Number of reportable segments | segment | 4 | ||
Offshore pipeline transportation | |||
Other Ownership Interests [Line Items] | |||
One-time increase in operating costs caused by downtime and damage to certain assets | $ 5 | ||
COVID-19 | |||
Other Ownership Interests [Line Items] | |||
Restructuring and severance expenses | $ 13 | ||
Genesis Energy, LLC | |||
Other Ownership Interests [Line Items] | |||
Limited Partners' ownership percentage | 100.00% |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 443,125 | $ 621,697 | $ 1,371,515 | $ 1,876,491 |
Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 128,211 | 176,079 | 453,505 | 523,955 |
Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 296,384 | 427,423 | 851,242 | 1,294,181 |
Refinery Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 18,530 | 18,195 | 66,768 | 58,355 |
Offshore Pipeline Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 53,893 | 79,738 | 197,286 | 236,482 |
Offshore Pipeline Transportation | Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 53,893 | 79,738 | 197,286 | 236,482 |
Offshore Pipeline Transportation | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Offshore Pipeline Transportation | Refinery Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Sodium Minerals & Sulfur Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 206,731 | 277,527 | 642,745 | 827,619 |
Sodium Minerals & Sulfur Services | Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Sodium Minerals & Sulfur Services | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 188,201 | 259,332 | 575,977 | 769,264 |
Sodium Minerals & Sulfur Services | Refinery Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 18,530 | 18,195 | 66,768 | 58,355 |
Marine Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 51,912 | 59,404 | 170,978 | 174,760 |
Marine Transportation | Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 51,912 | 59,404 | 170,978 | 174,760 |
Marine Transportation | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Marine Transportation | Refinery Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Onshore Facilities and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 130,589 | 205,028 | 360,506 | 637,630 |
Onshore Facilities and Transportation | Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 22,406 | 36,937 | 85,241 | 112,713 |
Onshore Facilities and Transportation | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 108,183 | 168,091 | 275,265 | 524,917 |
Onshore Facilities and Transportation | Refinery Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Contract A
Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Revenue Recognition [Abstract] | ||
Contract Assets, Current | $ 36,558 | $ 21,912 |
Contract Assets, Non-Current | 20,209 | 54,232 |
Contract Liability, Current | 3,020 | 2,896 |
Contract Liabilities, Non-Current | $ 20,929 | $ 23,170 |
Revenue Recognition (Revenue Ex
Revenue Recognition (Revenue Expected to be Recognized in Future Periods) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 424,573 |
Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | 42,842 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 17,015 |
Revenue expected timing of satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 15,868 |
Revenue expected timing of satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 62,937 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 22,271 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 73,204 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 4,703 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 61,503 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 0 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 53,778 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 0 |
Revenue expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 156,136 |
Revenue expected timing of satisfaction period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 0 |
Revenue expected timing of satisfaction period |
Lease Accounting (Operating Lea
Lease Accounting (Operating Lease Income- Lessors) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Marine Transportation | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease income | $ 6,787 | $ 6,808 | $ 20,164 | $ 20,202 |
Onshore Facilities and Transportation | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease income | $ 1,467 | $ 1,290 | $ 4,889 | $ 4,174 |
Lease Accounting (Maturity of L
Lease Accounting (Maturity of Lessor Receipts) (Details) - Onshore Facilities and Transportation $ in Thousands | Sep. 30, 2020USD ($) |
Lessor, Lease, Description [Line Items] | |
Remainder of 2020 | $ 300 |
2021 | 1,200 |
2022 | 1,200 |
2023 | 1,200 |
2024 | 1,200 |
Thereafter | 4,100 |
Total Lease Receipts | $ 9,200 |
Lease Accounting (Narrative) (D
Lease Accounting (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Leases [Abstract] | ||
Fixed quarterly payments to be received under finance lease arrangement | $ 5.2 | $ 5.2 |
Interest rate under finance lessor arrangement | 10.25% | |
Cash collected on defaulted lease agreement | 41 | |
Fair value of direct finance lease, current | $ 69.4 | $ 69.4 |
Inventories (Major Components o
Inventories (Major Components of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Petroleum products | $ 1,868 | $ 2,721 |
Crude oil | 29,012 | 5,271 |
Caustic soda | 5,510 | 5,965 |
NaHS | 10,056 | 10,845 |
Raw materials - Alkali operations | 7,194 | 6,238 |
Work-in-process - Alkali operations | 8,565 | 8,579 |
Finished goods, net - Alkali operations | 15,086 | 14,168 |
Materials and supplies, net - Alkali operations | 12,520 | 11,350 |
Total | $ 89,811 | $ 65,137 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | ||
Inventory write-down | $ 4,100,000 | $ 0 |
Fixed Assets, Mineral Leaseho_3
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Fixed Assets, Net) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 5,209,403 | $ 5,540,596 |
Less: Accumulated depreciation | (1,295,654) | (1,246,121) |
Net fixed assets | 3,913,749 | 4,294,475 |
Crude oil pipelines and natural gas pipelines and related assets | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 2,880,802 | 2,891,489 |
Onshore facilities, machinery, and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 264,763 | 640,376 |
Onshore facilities, machinery, and equipment | Alkali Business | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 614,403 | 591,547 |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 19,336 | 19,864 |
Marine vessels | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 993,346 | 979,171 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 217,770 | 238,451 |
Office equipment, furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 21,993 | 22,645 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 155,099 | 115,162 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 41,891 | $ 41,891 |
Fixed Assets, Mineral Leaseho_4
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Mineral Leaseholds) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||
Mineral leaseholds | $ 566,019 | $ 566,019 |
Less: Accumulated depletion | (12,602) | (10,194) |
Mineral leaseholds, net of accumulated depletion | $ 553,417 | $ 555,825 |
Fixed Assets, Mineral Leaseho_5
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||||
Depreciation expense | $ 62,499 | $ 77,228 | $ 206,830 | $ 222,106 |
Depletion expense | $ 604 | $ 1,204 | $ 2,408 | $ 3,488 |
Fixed Assets, Mineral Leaseho_6
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Asset Retirement Obligation Rollforward) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
ARO liability balance, December 31, 2019 | $ 175,081 |
Accretion expense | 6,809 |
Changes in estimate | 609 |
Settlements | (11,547) |
ARO liability balance, September 30, 2020 | $ 170,952 |
Fixed Assets, Mineral Leaseho_7
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Asset Retirement Obligations Details [Line Items] | |||||
Asset Impairment Charges | $ 3,331 | $ 0 | $ 280,826 | $ 0 | |
Asset retirement obligation balance | 170,952 | 170,952 | $ 175,081 | ||
Accrued Liabilities | |||||
Asset Retirement Obligations Details [Line Items] | |||||
Asset retirement obligation balance | 11,200 | 11,200 | $ 26,600 | ||
Onshore Facilities and Transportation | COVID-19 | |||||
Asset Retirement Obligations Details [Line Items] | |||||
Asset Impairment Charges | 277,000 | ||||
Impairment of net fixed assets | 272,000 | ||||
Impairment of right of use assets | $ 5,000 | ||||
Offshore pipeline transportation | |||||
Asset Retirement Obligations Details [Line Items] | |||||
Asset Impairment Charges | $ 3,300 |
Fixed Assets, Mineral Leaseho_8
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Forecast of Accretion Expense) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Remainder of 2020 | $ 2,619 |
2021 | 9,493 |
2022 | 9,513 |
2023 | 10,183 |
2024 | $ 10,900 |
Equity Investees (Narrative) (D
Equity Investees (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Unamortized excess cost amount | $ 339.2 | $ 350.9 |
Equity Investees (Consolidated
Equity Investees (Consolidated Financial Statements Related to Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Genesis’ share of operating earnings | $ 18,312 | $ 15,703 | $ 52,834 | $ 51,491 |
Amortization of excess purchase price | (3,873) | (3,873) | (11,618) | (11,618) |
Net equity in earnings | 14,439 | 11,830 | 41,216 | 39,873 |
Distributions received | $ 16,757 | $ 19,512 | $ 55,716 | $ 58,058 |
Equity Investees (Schedule of B
Equity Investees (Schedule of Balance Sheet Information for Equity Investees) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Current assets | $ 516,592 | $ 593,074 |
Fixed assets, net | 3,913,749 | 4,294,475 |
Total assets | 5,953,350 | 6,597,641 |
LIABILITIES AND CAPITAL | ||
Current liabilities | 333,602 | 415,495 |
Total liabilities and equity | 5,953,350 | 6,597,641 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Poseidon | ||
Assets | ||
Current assets | 30,868 | 30,307 |
Fixed assets, net | 175,628 | 187,091 |
Other assets | 1,833 | 2,113 |
Total assets | 208,329 | 219,511 |
LIABILITIES AND CAPITAL | ||
Current liabilities | 11,047 | 15,558 |
Other liabilities | 240,527 | 245,976 |
Equity | (43,245) | (42,023) |
Total liabilities and equity | $ 208,329 | $ 219,511 |
Equity Investees (Schedule of O
Equity Investees (Schedule of Operations for Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
INCOME STATEMENT DATA: | ||||
Revenues | $ 443,125 | $ 621,697 | $ 1,371,515 | $ 1,876,491 |
Operating income | 4,032 | 52,787 | (215,026) | 201,764 |
Net income | (29,717) | 17,557 | (331,522) | 73,631 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Poseidon | ||||
INCOME STATEMENT DATA: | ||||
Revenues | 35,351 | 30,602 | 98,662 | 96,041 |
Operating income | 27,002 | 21,745 | 72,530 | 69,705 |
Net income | $ 25,831 | $ 19,431 | $ 68,050 | $ 62,576 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Components of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 185,910 | $ 220,192 |
Accumulated Amortization | 56,732 | 81,265 |
Carrying Value | 129,178 | 138,927 |
Contract intangibles | Marine Transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 800 | 27,800 |
Accumulated Amortization | 561 | 23,033 |
Carrying Value | 239 | 4,767 |
Contract intangibles | Offshore pipeline transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 158,101 | 158,101 |
Accumulated Amortization | 42,992 | 36,752 |
Carrying Value | 115,109 | 121,349 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,009 | 34,291 |
Accumulated Amortization | 13,179 | 21,480 |
Carrying Value | $ 13,830 | $ 12,811 |
Intangible Assets (Schedule o_2
Intangible Assets (Schedule of Current and Future Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization of intangible assets | $ 4,555 | $ 4,928 | $ 12,817 | $ 14,029 |
Remainder of 2020 | 2,781 | 2,781 | ||
2021 | 10,729 | 10,729 | ||
2022 | 10,571 | 10,571 | ||
2023 | 10,303 | 10,303 | ||
2024 | $ 9,988 | $ 9,988 |
Debt (Schedule of Obligations U
Debt (Schedule of Obligations Under Debt Arrangements) (Details) - USD ($) | Sep. 30, 2020 | Jan. 16, 2020 | Dec. 31, 2019 | Jul. 23, 2015 |
Debt Instrument [Line Items] | ||||
Senior secured credit facility | $ 984,800,000 | $ 959,300,000 | ||
Unamortized debt issuance expense and discounts (premiums) | 28,507,000 | 30,063,000 | ||
Net Value | 2,373,928,000 | 2,469,937,000 | ||
Total long-term debt, principal | 3,387,235,000 | 3,459,300,000 | ||
Total long-term debt | $ 3,358,728,000 | $ 3,429,237,000 | ||
6.750% senior unsecured notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 675.00% | 675.00% | 6.75% | |
Principal | $ 0 | $ 750,000,000 | ||
Unamortized debt issuance expense and discounts (premiums) | 0 | 9,349,000 | ||
Net Value | $ 0 | $ 740,651,000 | ||
6.000% senior unsecured notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 600.00% | 600.00% | ||
Principal | $ 398,905,000 | $ 400,000,000 | ||
Unamortized debt issuance expense and discounts (premiums) | 2,749,000 | 3,557,000 | ||
Net Value | $ 396,156,000 | $ 396,443,000 | ||
5.625% senior unsecured notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 562.50% | 562.50% | ||
Principal | $ 341,135,000 | $ 350,000,000 | ||
Unamortized debt issuance expense and discounts (premiums) | 3,177,000 | 3,923,000 | ||
Net Value | $ 337,958,000 | $ 346,077,000 | ||
6.500% senior unsecured notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 650.00% | 650.00% | ||
Principal | $ 534,834,000 | $ 550,000,000 | ||
Unamortized debt issuance expense and discounts (premiums) | 5,936,000 | 7,020,000 | ||
Net Value | $ 528,898,000 | $ 542,980,000 | ||
6.250% senior unsecured notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 625.00% | 625.00% | ||
Principal | $ 400,712,000 | $ 450,000,000 | ||
Unamortized debt issuance expense and discounts (premiums) | 4,883,000 | 6,214,000 | ||
Net Value | $ 395,829,000 | $ 443,786,000 | ||
7.750% senior unsecured notes due 2028 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, stated rate | 775.00% | 7.75% | 775.00% | |
Principal | $ 726,849,000 | $ 750,000,000 | $ 0 | |
Unamortized debt issuance expense and discounts (premiums) | 11,762,000 | 0 | ||
Net Value | 715,087,000 | 0 | ||
Senior Secured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance expense and discounts (premiums) | 6,900,000 | 7,600,000 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance expense and discounts (premiums) | $ 0 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Mar. 25, 2020 | Feb. 16, 2020USD ($) | Jan. 16, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jul. 24, 2020 | Dec. 31, 2019USD ($) | Jul. 23, 2015 |
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 23,480,000 | $ 0 | ||||||
Cancellation of debt income | 809,000 | $ 0 | $ 20,534,000 | $ 0 | ||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letter of credit, fee percentage | 1.75% | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letter of credit, fee percentage | 3.50% | |||||||||
Amended Facility | Accordion Feature | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility aggregate maximum borrowing capacity | 2,000,000,000 | $ 2,000,000,000 | ||||||||
Senior Secured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit, unused capacity commitment fee percentage | 0.50% | |||||||||
Consolidated senior secured leverage ratio (maximum) | 3.25 | |||||||||
Credit facility, amount outstanding | 984,800,000 | $ 984,800,000 | ||||||||
Total amount available for borrowings under credit facility | 714,100,000 | 714,100,000 | ||||||||
Senior Secured Credit Facility | From September 30, 2020 through March 31, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated leverage ratio | 5.50 | |||||||||
Consolidated interest coverage ratio | 3 | |||||||||
Senior Secured Credit Facility | At March 31, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated leverage ratio | 5.75 | |||||||||
Consolidated interest coverage ratio | 2.75 | |||||||||
Senior Secured Credit Facility | For the remaining of the term agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated leverage ratio | 5.50 | |||||||||
Consolidated interest coverage ratio | 3 | |||||||||
Senior Secured Credit Facility | Petroleum Products | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility, amount outstanding | 27,800,000 | $ 27,800,000 | ||||||||
Senior Secured Credit Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit, unused capacity commitment fee percentage | 0.25% | |||||||||
Senior Secured Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit, unused capacity commitment fee percentage | 0.50% | |||||||||
Senior Secured Credit Facility | Letters Of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letter of credit, fee percentage | 3.00% | |||||||||
Letters of credit, outstanding amount | 1,100,000 | $ 1,100,000 | ||||||||
Senior Secured Credit Facility | Letters Of Credit | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit, outstanding amount | 100,000,000 | 100,000,000 | ||||||||
Senior Secured Credit Facility | Amended Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility, maximum borrowing capacity | 1,700,000,000 | 1,700,000,000 | ||||||||
Senior Secured Credit Facility | Amended Facility | Accordion Feature | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility, maximum borrowing capacity | 300,000,000 | $ 300,000,000 | ||||||||
Federal Funds Effective Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||
Federal Funds Effective Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||
LIBOR Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||
Eurodollar Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||||||
Eurodollar Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||
Eurodollar Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||||||
Alternate Base Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letter of credit, fee percentage | 0.75% | |||||||||
Alternate Base Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letter of credit, fee percentage | 2.50% | |||||||||
Applicable Margin | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||||||
2028 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issued | $ 750,000,000 | $ 726,849,000 | $ 726,849,000 | $ 0 | ||||||
Senior unsecured notes, stated rate | 7.75% | 775.00% | 775.00% | 775.00% | ||||||
Proceeds from issuance of debt | $ 736,700,000 | |||||||||
2022 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issued | $ 0 | $ 0 | $ 750,000,000 | |||||||
Senior unsecured notes, stated rate | 675.00% | 675.00% | 675.00% | 6.75% | ||||||
Proceeds used to repay unsecured debt principal | $ 222,100,000 | $ 527,900,000 |
Partners' Capital, Mezzanine _3
Partners' Capital, Mezzanine Capital and Distributions (Common Cash Distributions Paid) (Details) - Common Unitholders - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 |
Partners Capital And Distributions [Line Items] | |||||||
Date Paid | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 | |
Per Unit Amount (in dollars per unit) | $ 0.1500 | $ 0.1500 | $ 0.5500 | $ 0.5500 | $ 0.5500 | $ 0.5500 | |
Total Amount | $ 18,387 | $ 18,387 | $ 67,419 | $ 67,419 | $ 67,419 | $ 67,419 | |
Subsequent Event | Forecast | |||||||
Partners Capital And Distributions [Line Items] | |||||||
Date Paid | Nov. 13, 2020 | ||||||
Per Unit Amount (in dollars per unit) | $ 0.1500 | ||||||
Total Amount | $ 18,387 |
Partners' Capital, Mezzanine _4
Partners' Capital, Mezzanine Capital and Distributions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Temporary Equity [Line Items] | |||||
Common units outstanding (in units) | 122,579,218 | 122,579,218 | 122,579,218 | ||
Preferred units, accumulated distributions | $ 18,684 | $ 18,684 | $ 56,052 | $ 55,783 | |
Common Class A | Partners’ Capital | |||||
Temporary Equity [Line Items] | |||||
Common units outstanding (in units) | 122,539,221 | 122,539,221 | |||
Common Class B | Partners’ Capital | |||||
Temporary Equity [Line Items] | |||||
Common units outstanding (in units) | 39,997 | 39,997 | |||
Class A Convertible Preferred Stock Units | |||||
Temporary Equity [Line Items] | |||||
Number of preferred units outstanding (in units) | 25,336,778 | 25,336,778 | 25,336,778 | ||
Preferred units, accumulated distributions | $ 18,700 | $ 18,700 | $ 56,100 | $ 55,800 |
Partners' Capital, Mezzanine _5
Partners' Capital, Mezzanine Capital and Distributions (Distributions Paid-in-kind) (Details) - Class A Convertible Preferred Stock Units $ in Thousands | May 15, 2019USD ($)shares |
Temporary Equity [Line Items] | |
Date Issued | May 15, 2019 |
Number of Units (in units) | shares | 364,180 |
Total Amount | $ | $ 12,277 |
Partners' Capital, Mezzanine _6
Partners' Capital, Mezzanine Capital and Distributions (Preferred Cash Distributions Paid) (Details) - Preferred Unitholders - Class A Convertible Preferred Stock Units - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 |
Temporary Equity [Line Items] | |||||||
Date Paid | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 | |
Per Unit Amount (in dollars per unit) | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.2458 | |
Total Amount | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 6,138 | |
Forecast | Subsequent Event | |||||||
Temporary Equity [Line Items] | |||||||
Date Paid | Nov. 13, 2020 | ||||||
Per Unit Amount (in dollars per unit) | $ 0.7374 | ||||||
Total Amount | $ 18,684 |
Partners' Capital, Mezzanine _7
Partners' Capital, Mezzanine Capital and Distributions (Redeemable Noncontrolling Interest - Narrative) (Details) - USD ($) | Apr. 14, 2020 | Sep. 23, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jul. 31, 2020 | Dec. 31, 2019 |
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Redeemable noncontrolling interest redemption value adjustments | $ 4,149,000 | $ 272,000 | $ 12,394,000 | $ 272,000 | ||||
Redeemable noncontrolling interest redemption value adjustments allocated to PIK distributions | 10,216,000 | |||||||
Redemption accretion of redeemable preferred noncontrolling interest | $ 2,178,000 | |||||||
Redeemable Noncontrolling Interest Preferred Units | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Number of preferred units outstanding (in units) | 139,359 | 139,359 | 130,000 | |||||
Subsidiary | Alkali Holdings | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Issuance of redeemable noncontrolling interest | $ 55,000,000 | |||||||
Facility expansion costs percentage | 100.00% | |||||||
Expansion project extension period | 1 year | |||||||
Equity preferred units issued (in shares) | 1,750 | 7,609 | ||||||
Period for occurrence of triggering events | 6 years 6 months | |||||||
Redeemable noncontrolling interest redemption value adjustments | $ 4,200,000 | $ 12,400,000 | ||||||
Redeemable noncontrolling interest redemption value adjustments allocated to PIK distributions | 3,500,000 | 10,200,000 | ||||||
Redemption accretion of redeemable preferred noncontrolling interest | 700,000 | 2,200,000 | ||||||
Redemption value of redeemable preferred noncontrolling interest | $ 194,800,000 | $ 194,800,000 | ||||||
Subsidiary | Alkali Holdings | Redeemable Noncontrolling Interest Preferred Units | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Number of preferred units outstanding (in units) | 55,000 | |||||||
Subsidiary | Alkali Holdings | Maximum | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Redeemable noncontrolling interest preferred commitment | $ 350,000,000 |
Partners' Capital, Mezzanine _8
Partners' Capital, Mezzanine Capital and Distributions (Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Jul. 31, 2020 | Apr. 14, 2020 | |
Redeemable Noncontrolling Interest, Equity [Roll Forward] | ||||
Balance as of December 31, 2019 | $ 125,133 | |||
Issuance of preferred units, net of issuance costs | 7,457 | |||
PIK distributions | 10,216 | |||
Redemption accretion | 2,178 | |||
Tax distributions | (7,509) | |||
Balance as of September 30, 2020 | $ 137,475 | 137,475 | ||
Subsidiary | Alkali Holdings | ||||
Redeemable Noncontrolling Interest, Equity [Roll Forward] | ||||
PIK distributions | 3,500 | 10,200 | ||
Redemption accretion | $ 700 | $ 2,200 | ||
Redeemable Noncontrolling Interest [Line Items] | ||||
Equity preferred units issued (in shares) | 7,609 | 1,750 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Net Income (loss) Attributable to Genesis Energy L.P. | $ (29,717) | $ 17,557 | $ (331,522) | $ 73,631 |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (18,684) | (18,684) | (56,052) | (55,783) |
Net Income (Loss) Available to Common Unitholders | $ (48,401) | $ (1,127) | $ (387,574) | $ 17,848 |
Weighted Average Outstanding Units (in shares) | 122,579,000 | 122,579,000 | 122,579,000 | 122,579,000 |
Basic and Diluted Net Loss per Common Unit (in dollars per unit) | $ (0.39) | $ (0.01) | $ (3.16) | $ 0.15 |
Class A Convertible Preferred Stock Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities not included in computation of dilutive earnings (in shares) | 25,336,778 | 25,336,778 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business Segment Information (S
Business Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Segment margin | $ 161,857 | $ 175,819 | $ 470,470 | $ 533,495 |
Total revenues | 443,125 | 621,697 | 1,371,515 | 1,876,491 |
Offshore Pipeline Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 53,893 | 79,738 | 197,286 | 236,482 |
Sodium Minerals & Sulfur Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 206,731 | 277,527 | 642,745 | 827,619 |
Onshore Facilities and Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 130,589 | 205,028 | 360,506 | 637,630 |
Marine Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 51,912 | 59,404 | 170,978 | 174,760 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 161,857 | 175,819 | 470,470 | 533,495 |
Capital expenditures | 28,843 | 42,751 | 100,001 | 115,281 |
Total revenues | 443,125 | 621,697 | 1,371,515 | 1,876,491 |
Operating Segments | Offshore Pipeline Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 57,380 | 81,060 | 217,774 | 233,978 |
Capital expenditures | 2,899 | 1,996 | 5,909 | 4,975 |
Total revenues | 53,870 | 79,738 | 197,263 | 236,482 |
Operating Segments | Sodium Minerals & Sulfur Services | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 27,592 | 55,258 | 89,357 | 171,602 |
Capital expenditures | 19,225 | 26,415 | 67,662 | 75,258 |
Total revenues | 208,909 | 279,416 | 648,987 | 833,278 |
Operating Segments | Onshore Facilities and Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 61,298 | 24,829 | 110,612 | 86,352 |
Capital expenditures | 1,446 | 1,599 | 3,432 | 5,383 |
Total revenues | 130,440 | 205,913 | 361,929 | 640,716 |
Operating Segments | Marine Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 15,587 | 14,672 | 52,727 | 41,563 |
Capital expenditures | 5,273 | 12,741 | 22,998 | 29,665 |
Total revenues | 49,906 | 56,630 | 163,336 | 166,015 |
Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment | Offshore Pipeline Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 23 | 0 | 23 | 0 |
Intersegment | Sodium Minerals & Sulfur Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (2,178) | (1,889) | (6,242) | (5,659) |
Intersegment | Onshore Facilities and Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 149 | (885) | (1,423) | (3,086) |
Intersegment | Marine Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 2,006 | $ 2,774 | $ 7,642 | $ 8,745 |
Business Segment Information _2
Business Segment Information (Schedule of Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 5,953,350 | $ 6,597,641 |
Operating Segments | Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,202,649 | 2,306,946 |
Operating Segments | Sodium Minerals & Sulfur Services | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,959,863 | 2,019,905 |
Operating Segments | Onshore Facilities and Transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,027,353 | 1,457,190 |
Operating Segments | Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 724,929 | 772,383 |
Other assets | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 38,556 | $ 41,217 |
Business Segment Information (R
Business Segment Information (Reconciliation of Segment Margin to (Loss) Income from Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting [Abstract] | ||||
Total Segment Margin | $ 161,857 | $ 175,819 | $ 470,470 | $ 533,495 |
Corporate general and administrative expenses | (10,801) | (15,276) | (42,160) | (39,878) |
Depreciation, depletion, amortization and accretion | (70,203) | (87,209) | (228,761) | (233,250) |
Interest expense | (51,312) | (54,673) | (157,895) | (165,881) |
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) | (2,318) | (7,682) | (14,500) | (18,185) |
Other non-cash items (2) | 7,712 | 9,880 | 16,489 | (7,223) |
Cash payments from direct financing leases in excess of earnings (3) | (44,088) | (2,131) | (48,620) | (6,238) |
Cancellation of debt income (4) | 809 | 0 | 20,534 | 0 |
Loss on extinguishment of debt (4) | 0 | 0 | (23,480) | 0 |
Differences in timing of cash receipts for certain contractual arrangements | (13,052) | (1,249) | (29,180) | 10,886 |
Impairment expense | (3,331) | 0 | (280,826) | 0 |
Provision for leased items no longer in use | (696) | 461 | (624) | 833 |
Redeemable noncontrolling interest redemption value adjustments | (4,149) | (272) | (12,394) | (272) |
Income tax expense | (145) | (111) | (575) | (656) |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | (29,717) | 17,557 | (331,522) | 73,631 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Unrealized gain (loss) from valuation of embedded derivatives | 19,582 | (4,231) | ||
Embedded Derivative Financial Instruments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Unrealized gain (loss) from valuation of embedded derivatives | $ 6,700 | $ 8,000 | $ 17,400 | $ 300 |
Transactions with Related Par_3
Transactions with Related Parties (Schedule of Transactions with Related Parties) (Details) - Affiliated Entity - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
CEO | ||||
Related Party Transaction [Line Items] | ||||
Costs and expenses | $ 165 | $ 165 | $ 495 | $ 495 |
Poseidon | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 3,102 | 3,019 | 9,284 | 9,420 |
Costs and expenses | $ 231 | 240 | $ 734 | 742 |
Equity method investment, ownership percentage | 64.00% | 64.00% | ||
ANSAC | ||||
Related Party Transaction [Line Items] | ||||
Revenues | $ 44,095 | 99,878 | $ 165,869 | 272,341 |
Costs and expenses | $ 528 | $ 1,020 | $ 1,989 | $ 3,356 |
Transactions with Related Par_4
Transactions with Related Parties (Narrative) (Details) - Affiliated Entity - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Poseidon | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | $ 1,900 | $ 1,900 | $ 2,400 | ||
Related party transaction, revenues | 3,102 | $ 3,019 | 9,284 | $ 9,420 | |
Related party transaction, costs and expenses | 231 | 240 | 734 | 742 | |
Poseidon | Asset Management Arrangement | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | 2,300 | 2,200 | 6,800 | 6,700 | |
ANSAC | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | 26,106 | 26,106 | $ 68,075 | ||
Related party transaction, revenues | 44,095 | 99,878 | 165,869 | 272,341 | |
Related party transaction, costs and expenses | $ 528 | $ 1,020 | $ 1,989 | $ 3,356 |
Transactions with Related Par_5
Transactions with Related Parties (ANSAC) (Details) - ANSAC - Affiliated Entity - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Receivables | $ 26,106 | $ 68,075 |
Payables | $ 305 | $ 2,103 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Net Changes in Components of Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
(Increase) decrease in: | ||
Accounts receivable | $ 165,505 | $ 6,294 |
Inventories | (24,674) | 709 |
Deferred charges | 17,616 | 135 |
Other current assets | (1,620) | (10,358) |
Increase (decrease) in: | ||
Accounts payable | (59,477) | 46,530 |
Accrued liabilities | (25,204) | (48,954) |
Net changes in components of operating assets and liabilities | $ 72,146 | $ (5,644) |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payments of interest and commitment fees | $ 138.3 | $ 145.4 |
Interest paid, capitalized | 1.4 | 2.9 |
Incurred liabilities for fixed and intangible asset additions | $ 26.5 | $ 17.7 |
Derivatives (Schedule of Outsta
Derivatives (Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments) (Details) bbl in Thousands, MMBTU in Thousands | 9 Months Ended |
Sep. 30, 2020MMBTU$ / bbl$ / MMBTU$ / unitsbbl | |
Designated as hedges under accounting rules | Sell (Short) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls/gal) | bbl | 444 |
Weighted average contract price | 38.55 |
Designated as hedges under accounting rules | Buy (Long) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls/gal) | bbl | 0 |
Weighted average contract price | 0 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls/gal) | bbl | 495 |
Weighted average contract price | 41.36 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 92 |
Weighted average contract price | $ / MMBTU | 2.25 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Fuel Oil | |
Derivative [Line Items] | |
Contract volumes (bbls/gal) | bbl | 15 |
Weighted average contract price | 37.10 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Swap | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 274 |
Weighted average contract price | 0.27 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Options | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls/gal) | bbl | 33 |
Weighted average premium received/paid | 0.82 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls/gal) | bbl | 312 |
Weighted average contract price | 42.97 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 318 |
Weighted average contract price | $ / MMBTU | 2.48 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Fuel Oil | |
Derivative [Line Items] | |
Contract volumes (bbls/gal) | bbl | 20 |
Weighted average contract price | 37.05 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Swap | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 0 |
Weighted average contract price | $ / units | 0 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Options | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls/gal) | bbl | 13 |
Weighted average premium received/paid | 0.15 |
Derivatives (Schedule of Fair V
Derivatives (Schedule of Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | $ (34,100) | |
Preferred Distribution Rate Reset Election | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | (34,120) | $ (51,515) |
Not qualifying or not designated as hedges under accounting rules | Commodity Derivatives | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,139 | 207 |
Derivative Asset, Fair Value, Gross Liability | (1,139) | (207) |
Asset Derivatives | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (568) | (2,079) |
Derivative Liability, Fair Value, Gross Asset | 568 | 1,064 |
Liability Derivatives | 0 | (1,015) |
Not qualifying or not designated as hedges under accounting rules | Swap | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,145 | 1,382 |
Not qualifying or not designated as hedges under accounting rules | Swap | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated as hedges under accounting rules | Commodity Derivatives | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 690 | 4 |
Derivative Asset, Fair Value, Gross Liability | (690) | (4) |
Asset Derivatives | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (1,428) | (50) |
Derivative Liability, Fair Value, Gross Asset | 1,428 | 50 |
Liability Derivatives | $ 0 | $ 0 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Millions | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 01, 2022 | Dec. 31, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Net broker receivable | $ 4.6 | $ 0.9 | ||
Initial margin | 4 | $ 0.8 | ||
Increase in variation margin | $ 0.1 | 0.6 | ||
Derivatives, Fair Value [Line Items] | ||||
Embedded derivative liability | $ 34.1 | |||
Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Stock reset rate percentage | 10.75% | |||
Percentage below issue price per share | 110.00% | |||
LIBOR | Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Basis spread on variable rate over stock price | 0.0750 |
Derivatives (Schedule of Effect
Derivatives (Schedule of Effect on Operating Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Commodity derivatives - futures and call options | Cost of Goods and Services Sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ 321 | $ 1,600 | $ (13,903) | $ (7,210) |
Natural Gas Swap Liability | Cost of Goods and Services Sold | Sodium minerals and sulfur services operating costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | 666 | 81 | 1,217 | 1,316 |
Preferred Distribution Rate Reset Election | Other income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | 6,689 | 7,974 | 17,395 | 306 |
Contracts designated as hedges under accounting guidance | Commodity derivatives - futures and call options | Cost of Goods and Services Sold | Onshore facilities and transportation product costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | (854) | 227 | (11,061) | (492) |
Contracts not considered hedges under accounting guidance | Commodity derivatives - futures and call options | Cost of Goods and Services Sold | Onshore facilities and transportation product costs, sodium minerals and sulfur services operating costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ 1,175 | $ 1,373 | $ (2,842) | $ (6,718) |
Fair-Value Measurements (Placem
Fair-Value Measurements (Placement of Assets and Liabilities Within the Fair Value Hierarchy Levels) (Details) - Recurring Fair Value Measures - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Level 1 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | $ 1,829 | $ 211 |
Liabilities Fair Value | (1,996) | (2,129) |
Level 1 | Preferred Distribution Rate Reset Election | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | 0 | 0 |
Level 2 | Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | 1,145 | 1,382 |
Liabilities Fair Value | 0 | 0 |
Level 2 | Preferred Distribution Rate Reset Election | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | 0 | 0 |
Level 3 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | 0 | 0 |
Liabilities Fair Value | 0 | 0 |
Level 3 | Preferred Distribution Rate Reset Election | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | $ (34,120) | $ (51,515) |
Fair-Value Measurements (Reconc
Fair-Value Measurements (Reconciliation of Changes in Derivatives Classified as Level 3) (Details) - Level 3 - Preferred Distribution Rate Reset Election $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Balance as of December 31, 2019 | $ (51,515) |
Unrealized gain for the period included in earnings | 17,395 |
Balance as of September 30, 2020 | $ (34,120) |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gain (loss) from valuation of embedded derivatives | $ 19,582 | $ (4,231) | |||
Net Value | $ 2,373,928 | 2,373,928 | $ 2,469,937 | ||
Fair value of senior unsecured notes | 2,100,000 | 2,100,000 | $ 2,500,000 | ||
Embedded Derivative Financial Instruments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gain (loss) from valuation of embedded derivatives | $ 6,700 | $ 8,000 | $ 17,400 | $ 300 | |
Equity Volatility | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Embedded derivative liability, measurement input | 0.50 | 0.50 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - NEJD and Free State - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions | Oct. 30, 2020 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||
Total consideration on sale of assets | $ 92.5 | |
Proceeds from sale of assets | $ 22.5 | |
Remaining proceeds to be received from sale of assets | $ 70 | |
Forecast | ||
Subsequent Event [Line Items] | ||
Loss on sale of assets | $ 21.5 |