Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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 | 2021 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 24,205 | $ 21,282 |
Restricted cash | 22,083 | 5,736 |
Accounts receivable - trade, net | 433,310 | 392,465 |
Inventories | 78,327 | 99,877 |
Other | 61,796 | 60,809 |
Total current assets | 619,721 | 580,169 |
FIXED ASSETS, at cost | 5,312,157 | 5,173,475 |
Less: Accumulated depreciation | (1,437,510) | (1,322,141) |
Net fixed assets | 3,874,647 | 3,851,334 |
MINERAL LEASEHOLDS, net of accumulated depletion | 550,959 | 552,575 |
EQUITY INVESTEES | 302,940 | 319,068 |
INTANGIBLE ASSETS, net of amortization | 127,947 | 128,742 |
GOODWILL | 301,959 | 301,959 |
RIGHT OF USE ASSETS, net | 144,013 | 153,925 |
OTHER ASSETS, net of amortization | 41,301 | 45,847 |
TOTAL ASSETS | 5,963,487 | 5,933,619 |
CURRENT LIABILITIES: | ||
Accounts payable - trade | 301,676 | 198,433 |
Accrued liabilities | 218,327 | 184,978 |
Total current liabilities | 520,003 | 383,411 |
SENIOR SECURED CREDIT FACILITY, net | 415,653 | 643,700 |
SENIOR UNSECURED NOTES, net | 2,927,489 | 2,750,016 |
DEFERRED TAX LIABILITIES | 13,719 | 13,317 |
OTHER LONG-TERM LIABILITIES | 422,299 | 393,018 |
Total liabilities | 4,299,163 | 4,183,462 |
MEZZANINE CAPITAL: | ||
Class A Convertible Preferred Units, 25,336,778 issued and outstanding at June 30, 2021 and December 31, 2020 | 790,115 | 790,115 |
Redeemable noncontrolling interests, 201,705 and 141,249 preferred units issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 204,647 | 141,194 |
PARTNERS’ CAPITAL: | ||
Common unitholders, 122,579,218 units issued and outstanding at June 30, 2021 and December 31, 2020 | 679,278 | 829,326 |
Accumulated other comprehensive loss | (9,122) | (9,365) |
Noncontrolling interests | (594) | (1,113) |
Total partners' capital | 669,562 | 818,848 |
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | $ 5,963,487 | $ 5,933,619 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 201,705 | 141,249 |
Number of preferred units outstanding (in units) | 201,705 | 141,249 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES: | ||||
Total revenues | $ 503,855 | $ 388,467 | $ 1,025,074 | $ 928,390 |
COSTS AND EXPENSES: | ||||
General and administrative | 12,907 | 25,413 | 24,573 | 34,786 |
Depreciation, depletion and amortization | 67,541 | 80,120 | 133,827 | 154,477 |
Impairment expense | 0 | 277,495 | 0 | 277,495 |
Total costs and expenses | 478,318 | 666,687 | 971,516 | 1,147,448 |
OPERATING INCOME (LOSS) | 25,537 | (278,220) | 53,558 | (219,058) |
Equity in earnings of equity investees | 14,222 | 12,618 | 34,882 | 26,777 |
Interest expense | (59,169) | (51,618) | (116,998) | (106,583) |
Other income (expense) | (15,845) | (4,550) | (35,910) | 5,708 |
Loss from operations before income taxes | (35,255) | (321,770) | (64,468) | (293,156) |
Income tax expense | (525) | (795) | (747) | (430) |
NET LOSS | (35,780) | (322,565) | (65,215) | (293,586) |
Net loss (income) attributable to noncontrolling interests | (136) | 10 | (134) | 26 |
Net income attributable to redeemable noncontrolling interests | (5,766) | (4,159) | (10,557) | (8,245) |
NET LOSS ATTRIBUTABLE TO GENESIS ENERGY, L.P. | (41,682) | (326,714) | (75,906) | (301,805) |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (18,684) | (18,684) | (37,368) | (37,368) |
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-BASIC | (60,366) | (345,398) | (113,274) | (339,173) |
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-DILUTED | $ (60,366) | $ (345,398) | $ (113,274) | $ (339,173) |
NET LOSS PER COMMON UNIT (Note 11): | ||||
Basic (in dollars per unit) | $ (0.49) | $ (2.82) | $ (0.92) | $ (2.77) |
Diluted (in dollars per unit) | $ (0.49) | $ (2.82) | $ (0.92) | $ (2.77) |
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | ||||
Basic (in units) | 122,579 | 122,579 | 122,579 | 122,579 |
Diluted (in units) | 122,579 | 122,579 | 122,579 | 122,579 |
Offshore pipeline transportation | ||||
REVENUES: | ||||
Total revenues | $ 73,221 | $ 64,964 | $ 137,605 | $ 143,393 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 21,264 | 16,403 | 41,980 | 35,064 |
Sodium minerals and sulfur services | ||||
REVENUES: | ||||
Total revenues | 237,087 | 192,624 | 464,374 | 436,014 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 196,971 | 167,010 | 381,402 | 372,243 |
Marine transportation | ||||
REVENUES: | ||||
Total revenues | 47,626 | 56,720 | 87,957 | 119,066 |
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 39,118 | 38,561 | 72,204 | 81,498 |
Onshore facilities and transportation | ||||
REVENUES: | ||||
Total revenues | 145,921 | 74,159 | 335,138 | 229,917 |
Onshore facilities and transportation | Onshore facilities and transportation product costs | ||||
COSTS AND EXPENSES: | ||||
Cost of products and services sold | 124,684 | 43,447 | 285,435 | 155,399 |
Onshore facilities and transportation | Onshore facilities and transportation operating costs | ||||
COSTS AND EXPENSES: | ||||
Cost of products and services sold | $ 15,833 | $ 18,238 | $ 32,095 | $ 36,486 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (35,780) | $ (322,565) | $ (65,215) | $ (293,586) |
Other comprehensive income: | ||||
Amortization of prior service cost | 121 | 243 | 243 | 243 |
Total Comprehensive loss | (35,659) | (322,322) | (64,972) | (293,343) |
Comprehensive loss (income) attributable to noncontrolling interests | (136) | 10 | (134) | 26 |
Comprehensive income attributable to redeemable noncontrolling interests | (5,766) | (4,159) | (10,557) | (8,245) |
Comprehensive loss attributable to Genesis Energy, L.P. | $ (41,561) | $ (326,471) | $ (75,663) | $ (301,562) |
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 (in 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 income (loss) | (301,831) | (301,805) | (26) | ||
Cash distributions to partners | (85,805) | (85,805) | |||
Cash contributions from noncontrolling interests | 1,844 | 1,844 | |||
Other comprehensive income | 243 | 243 | |||
Distributions to Class A Convertible Preferred unitholders | (37,368) | (37,368) | |||
Partners' capital, ending balance (in units) at Jun. 30, 2020 | 122,579 | ||||
Partners' capital, ending balance at Jun. 30, 2020 | 1,008,254 | 1,018,342 | (1,900) | (8,188) | |
Partners' capital, beginning balance (in units) at Mar. 31, 2020 | 122,579 | ||||
Partners' capital, beginning balance at Mar. 31, 2020 | 1,371,338 | 1,382,126 | (2,357) | (8,431) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (326,724) | (326,714) | (10) | ||
Cash distributions to partners | (18,386) | (18,386) | |||
Cash contributions from noncontrolling interests | 467 | 467 | |||
Other comprehensive income | 243 | 243 | |||
Distributions to Class A Convertible Preferred unitholders | (18,684) | (18,684) | |||
Partners' capital, ending balance (in units) at Jun. 30, 2020 | 122,579 | ||||
Partners' capital, ending balance at Jun. 30, 2020 | 1,008,254 | 1,018,342 | (1,900) | (8,188) | |
Partners' capital, beginning balance (in units) at Dec. 31, 2020 | 122,579 | ||||
Partners' capital, beginning balance at Dec. 31, 2020 | 818,848 | 829,326 | (1,113) | (9,365) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (75,772) | (75,906) | 134 | ||
Cash distributions to partners | (36,774) | (36,774) | |||
Cash contributions from noncontrolling interests | 385 | 385 | |||
Other comprehensive income | 243 | 243 | |||
Distributions to Class A Convertible Preferred unitholders | (37,368) | (37,368) | |||
Partners' capital, ending balance (in units) at Jun. 30, 2021 | 122,579 | ||||
Partners' capital, ending balance at Jun. 30, 2021 | 669,562 | 679,278 | (594) | (9,122) | |
Partners' capital, beginning balance (in units) at Mar. 31, 2021 | 122,579 | ||||
Partners' capital, beginning balance at Mar. 31, 2021 | 747,909 | 758,031 | (879) | (9,243) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (41,546) | (41,682) | 136 | ||
Cash distributions to partners | (18,387) | (18,387) | |||
Cash contributions from noncontrolling interests | 149 | 149 | |||
Other comprehensive income | 121 | 121 | |||
Distributions to Class A Convertible Preferred unitholders | (18,684) | (18,684) | |||
Partners' capital, ending balance (in units) at Jun. 30, 2021 | 122,579 | ||||
Partners' capital, ending balance at Jun. 30, 2021 | $ 669,562 | $ 679,278 | $ (594) | $ (9,122) |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (65,215) | $ (293,586) |
Adjustments to reconcile net loss to net cash provided by operating activities - | ||
Depreciation, depletion and amortization | 133,827 | 154,477 |
Impairment expense | 0 | 277,495 |
Amortization and write-off of debt issuance costs, premium and discount | 6,965 | 14,971 |
Amortization of non-cash costs on previously owned direct financing leases | 0 | (5,802) |
Payments received under previously owned direct financing leases (Note 4) | 35,000 | 10,334 |
Equity in earnings of investments in equity investees | (34,882) | (26,777) |
Cash distributions of earnings of equity investees | 34,325 | 25,923 |
Non-cash effect of long-term incentive compensation plans | 2,884 | (3,647) |
Deferred and other tax liabilities | 402 | 130 |
Unrealized losses (gains) on derivative transactions | 32,377 | (9,811) |
Cancellation of debt income | 0 | (19,725) |
Other, net | 11,229 | 8,662 |
Net changes in components of operating assets and liabilities (Note 14) | 31,272 | 19,518 |
Net cash provided by operating activities | 188,184 | 152,162 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to acquire fixed and intangible assets | (111,412) | (69,438) |
Cash distributions received from equity investees - return of investment | 17,015 | 13,036 |
Proceeds from asset sales | 32 | 304 |
Net cash used in investing activities | (94,365) | (56,098) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on senior secured credit facility | 366,600 | 684,500 |
Repayments on senior secured credit facility | (592,100) | (590,800) |
Proceeds from issuance of senior unsecured notes (Note 9) | 259,375 | 750,000 |
Net proceeds from issuance of preferred units (Note 10) | 53,018 | 0 |
Repayment of senior unsecured notes (Note 9) | (80,859) | (820,713) |
Debt issuance costs | (11,365) | (13,297) |
Contributions from noncontrolling interests | 385 | 1,844 |
Distributions to common unitholders | (36,774) | (85,805) |
Distributions to preferred unitholders | (37,368) | (37,368) |
Other, net | 4,539 | 4,671 |
Net cash used in financing activities | (74,549) | (106,968) |
Net increase (decrease) in cash, restricted cash, and cash equivalents | 19,270 | (10,904) |
Cash, restricted cash and cash equivalents at beginning of period | 27,018 | 56,405 |
Cash, restricted cash and cash equivalents at end of period | $ 46,288 | $ 45,501 |
Organization and Basis of Prese
Organization and Basis of Presentation and Consolidation | 6 Months Ended |
Jun. 30, 2021 | |
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 as well as the production of natural soda ash. Our operations are located primarily in the Gulf Coast region of the United States, Wyoming, 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 trona and trona-based exploring, mining, processing, producing, marketing, and selling business based in Wyoming (our "Alkali Business"), refinery-related plants, storage tanks and terminals, railcars, rail unloading facilities, barges and other vessels, and trucks. We are owned 100% by our limited partners. Genesis Energy, LLC, our general partner, is a wholly-owned subsidiary. Our general partner has sole responsibility for conducting our business and managing our operations. We conduct our operations and own our operating assets through our subsidiaries and joint ventures. We currently manage our businesses through 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 the processing of high sulfur (or "sour") gas streams for refineries to remove the sulfur, and the selling of the related by-product, sodium hydrosulfide (or "NaHS", commonly pronounced "nash"); • Onshore facilities and transportation, which include the terminalling, blending, storing, marketing and transporting of crude oil and petroleum products (primarily fuel oil, asphalt, and other heavy refined products); 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, 2020 (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 CISA and we have continued to operate our assets during this pandemic. We have a designated internal management team to provide resources, updates, and support to our entire workforce during this pandemic, while maintaining a focus to ensure safety and well-being of our employees, the families of our employees, and the communities in which our businesses operate. We will continue to operate in the best interests of our employees, stakeholders, customers, partners, and suppliers and make any necessary changes as required by federal, state, or local authorities as we continue to actively monitor the situation. Beginning in March 2020, Covid-19 caused commodity prices to decline due to, among other things, reduced industrial activity and travel demand. Additionally, actions taken by OPEC and other oil exporting nations in that timeframe caused additional significant declines and volatility in the price of oil and gas. We continue to monitor the market environment and will evaluate whether any triggering events would indicate possible impairments of long-lived assets, intangible assets and goodwill. Management’s estimates are based on numerous assumptions about future operations and market conditions, which we believe to be reasonable but are inherently uncertain. The uncertainties underlying our assumptions and estimates could differ significantly from actual results, including with respect to the duration and severity of the Covid-19 pandemic. In the current volatile economic environment and to the extent conditions deteriorate, we may identify triggering events that may require future evaluations of the recoverability of the carrying value of our long-lived assets, intangible assets and goodwill, which could result in impairment charges that could be material to our results of operations. |
Recent Accounting Developments
Recent Accounting Developments | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | Recent Accounting DevelopmentsRecently Adopted During the first quarter of 2020, the SEC amended the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X to go in effect January 4, 2021. The amendment simplifies the disclosure requirements and permits the amended disclosures to be provided outside the footnotes in audited annual or unaudited interim consolidated financial statements in all filings. As permitted by the amendment, we have early adopted the amendment and included the required summarized financial information in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and 2020, respectively: Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 73,221 $ — $ 47,626 $ 18,176 $ 139,023 Product Sales — 212,434 — 127,745 340,179 Refinery Services — 24,653 — — 24,653 $ 73,221 $ 237,087 $ 47,626 $ 145,921 $ 503,855 Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 64,964 $ — $ 56,720 $ 21,845 $ 143,529 Product Sales — 172,410 — 52,314 224,724 Refinery Services — 20,214 — — 20,214 $ 64,964 $ 192,624 $ 56,720 $ 74,159 $ 388,467 The following tables reflect the disaggregation of our revenues by major category for the six months ended June 30, 2021 and 2020, respectively: Six Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 137,605 $ — $ 87,957 $ 42,570 $ 268,132 Product Sales — 417,212 — 292,568 709,780 Refinery Services — 47,162 — — 47,162 $ 137,605 $ 464,374 $ 87,957 $ 335,138 $ 1,025,074 Six Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities & Transportation Consolidated Fee-based revenues $ 143,393 $ — $ 119,066 $ 62,835 $ 325,294 Product Sales — 387,776 — 167,082 554,858 Refinery Services — 48,238 — — 48,238 $ 143,393 $ 436,014 $ 119,066 $ 229,917 $ 928,390 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, 2020 and June 30, 2021: Contract Assets Contract Liabilities Current Assets- Other Other Assets Accrued Liabilities Other Long-Term Liabilities Balance at December 31, 2020 $ 36,500 $ 12,065 $ 2,988 $ 19,834 Balance at June 30, 2021 30,813 — 2,669 18,576 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 June 30, 2021. 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 2021 $ 31,048 $ 9,604 2022 75,623 4,698 2023 63,982 — 2024 56,326 — 2025 60,311 — Thereafter 97,761 — Total $ 385,051 $ 14,302 |
Lease Accounting
Lease Accounting | 6 Months Ended |
Jun. 30, 2021 | |
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 assets and associated lease liabilities. 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 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 six months ended June 30, 2021 and 2020, we acted as a lessor in revenue contracts associated with the M/T American Phoenix, which is included in our marine transportation segment. During the three and six months ended June 30, 2020, we acted as a lessor in our Free State pipeline system, which was included in our onshore facilities and transportation segment. Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below: Three Months Ended Six Months Ended 2021 2020 2021 2020 M/T American Phoenix $ 3,819 $ 6,734 $ 7,239 $ 13,377 Free State Pipeline (1) — 1,499 — 3,422 (1) We sold the Free State pipeline to a subsidiary of Denbury, Inc. ("Denbury") on October 30, 2020. Direct Finance Lease We formerly held a direct finance lease of the Northeast Jackson Dome ("NEJD") Pipeline. Under the terms of the finance lease, we were paid a quarterly payment, which commenced in August 3, 2008. During the third quarter of 2020, our customer, Denbury, defaulted under the agreement. On October 30, 2020 we executed an agreement with our customer to accelerate the remaining principal payments on the previously owned NEJD direct financing lease, payable in four equal installments. During the six months ended June 30, 2021, we collected $35.0 million and we have an outstanding receivable (included within "Accounts receivable- trade, net" on the Unaudited Condensed Consolidated Balance Sheet) of $35.0 million as of June 30, 2021 from Denbury for the remaining payments due in 2021 per the agreement. Additionally as part of this transaction, we transferred the ownership of all of our CO2 assets to Denbury, including the Free State pipeline system as noted previously. |
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 assets and associated lease liabilities. 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 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 six months ended June 30, 2021 and 2020, we acted as a lessor in revenue contracts associated with the M/T American Phoenix, which is included in our marine transportation segment. During the three and six months ended June 30, 2020, we acted as a lessor in our Free State pipeline system, which was included in our onshore facilities and transportation segment. Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below: Three Months Ended Six Months Ended 2021 2020 2021 2020 M/T American Phoenix $ 3,819 $ 6,734 $ 7,239 $ 13,377 Free State Pipeline (1) — 1,499 — 3,422 (1) We sold the Free State pipeline to a subsidiary of Denbury, Inc. ("Denbury") on October 30, 2020. Direct Finance Lease We formerly held a direct finance lease of the Northeast Jackson Dome ("NEJD") Pipeline. Under the terms of the finance lease, we were paid a quarterly payment, which commenced in August 3, 2008. During the third quarter of 2020, our customer, Denbury, defaulted under the agreement. On October 30, 2020 we executed an agreement with our customer to accelerate the remaining principal payments on the previously owned NEJD direct financing lease, payable in four equal installments. During the six months ended June 30, 2021, we collected $35.0 million and we have an outstanding receivable (included within "Accounts receivable- trade, net" on the Unaudited Condensed Consolidated Balance Sheet) of $35.0 million as of June 30, 2021 from Denbury for the remaining payments due in 2021 per the agreement. Additionally as part of this transaction, we transferred the ownership of all of our CO2 assets to Denbury, including the Free State pipeline system as noted previously. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major components of inventories were as follows: June 30, December 31, 2020 Petroleum products $ 1,308 $ 5,840 Crude oil 23,597 37,661 Caustic soda 4,459 5,167 NaHS 10,701 9,101 Raw materials - Alkali operations 7,230 7,120 Work-in-process - Alkali operations 4,455 9,355 Finished goods, net - Alkali operations 13,279 13,002 Materials and supplies, net - Alkali operations 13,298 12,631 Total $ 78,327 $ 99,877 Inventories are valued at the lower of cost or net realizable value. The net realizable value of inventories were recorded below cost by $0.5 million and $5.0 million as of June 30, 2021 and December 31, 2020, respectively, therefore we reduced the value of our inventory in our Unaudited Consolidated Financial Statements by these amounts. Materials and supplies include chemicals, maintenance supplies, and spare parts which will be consumed in the mining of trona ore and production of soda ash processes. |
Fixed Assets, Mineral Leasehold
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, 2021 December 31, 2020 Crude oil pipelines and natural gas pipelines and related assets $ 2,821,996 $ 2,811,030 Alkali facilities, machinery, and equipment 641,619 622,598 Onshore facilities, machinery, and equipment 268,689 267,810 Transportation equipment 21,348 19,470 Marine vessels 1,011,171 998,553 Land, buildings and improvements 221,146 219,382 Office equipment, furniture and fixtures 22,185 22,001 Construction in progress 260,742 170,740 Other 43,261 41,891 Fixed assets, at cost 5,312,157 5,173,475 Less: Accumulated depreciation (1,437,510) (1,322,141) Net fixed assets $ 3,874,647 $ 3,851,334 Mineral Leaseholds Our Mineral Leaseholds, relating to our Alkali Business, consist of the following: June 30, December 31, 2020 Mineral leaseholds $ 566,019 $ 566,019 Less: Accumulated depletion (15,060) (13,444) Mineral leaseholds, net of accumulated depletion $ 550,959 $ 552,575 Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Depreciation expense $ 64,148 $ 75,089 $ 126,850 $ 144,331 Depletion expense 704 841 1,616 1,804 During the second quarter of 2020, due to the challenging economic environment from the decline in commodity prices (including the collapse in the differential of Western Canadian Select to the Gulf Coast) and Covid-19, crude-by-rail transportation became uneconomic for producers and the demand and outlook for our rail logistics assets declined. As a result, we recognized impairment expense of $277.5 million associated with the rail logistics assets in our onshore facilities and transportation segment, including $272.7 million of net fixed assets and $4.8 million of right of use assets, net on the Unaudited Condensed Consolidated Balance Sheet. The fair value was calculated utilizing the income approach and assumptions were primarily based on level 3 inputs of the fair value hierarchy. 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, 2020: ARO liability balance, December 31, 2020 $ 176,852 Accretion expense 5,177 Changes in estimate 97 Settlements (2,824) ARO liability balance, June 30, 2021 $ 179,302 Of the ARO balances disclosed above, $12.3 million and $14.7 million is included as current in "Accrued liabilities" on our Unaudited Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively. The remainder of the ARO liability as of June 30, 2021 and December 31, 2020 is included in "Other long-term liabilities" on our Unaudited Condensed Consolidated Balance Sheets. With respect to our AROs, the following table presents our estimate of accretion expense for the periods indicated: Remainder of 2021 $ 4,975 2022 $ 9,384 2023 $ 9,128 2024 $ 9,783 2025 $ 10,487 Certain of our unconsolidated affiliates have AROs recorded at June 30, 2021 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements. |
Equity Investees
Equity Investees | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, the unamortized excess cost amounts totaled $327.6 million and $335.4 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 Six Months Ended 2021 2020 2021 2020 Genesis’ share of operating earnings $ 18,094 $ 16,490 $ 42,627 $ 34,522 Amortization of excess purchase price (3,872) (3,872) (7,745) (7,745) Net equity in earnings $ 14,222 $ 12,618 $ 34,882 $ 26,777 Distributions received (1) $ 21,914 $ 18,394 $ 51,430 $ 38,959 (1) Includes distributions attributable to the period and received during or promptly following such period. 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): June 30, December 31, 2020 BALANCE SHEET DATA: Assets Current assets $ 17,546 $ 30,465 Fixed assets, net 167,764 171,732 Other assets 5,447 4,673 Total assets $ 190,757 $ 206,870 Liabilities and equity Current liabilities $ 13,649 $ 9,958 Other liabilities 229,836 237,595 Equity (Deficit) (52,728) (40,683) Total liabilities and equity $ 190,757 $ 206,870 Three Months Ended Six Months Ended 2021 2020 2021 2020 INCOME STATEMENT DATA: Revenues $ 33,757 $ 30,419 $ 76,170 $ 63,311 Operating income $ 24,636 $ 21,922 $ 56,797 $ 45,528 Net income $ 23,610 $ 20,636 $ 54,755 $ 42,219 Poseidon's Revolving Credit Facility |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets The following table summarizes the components of our intangible assets at the dates indicated: June 30, 2021 December 31, 2020 Gross Accumulated Carrying Gross Accumulated Carrying Marine contract intangibles $ 800 $ 589 $ 211 $ 800 $ 571 $ 229 Offshore pipeline contract intangibles 158,101 49,233 108,868 158,101 45,073 113,028 Other 33,629 14,761 18,868 29,244 13,759 15,485 Total $ 192,530 $ 64,583 $ 127,947 $ 188,145 $ 59,403 $ 128,742 Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Amortization of intangible assets $ 2,580 $ 4,146 $ 5,180 $ 8,262 We estimate that our amortization expense for the next five years will be as follows: Remainder of 2021 $ 5,673 2022 $ 11,244 2023 $ 10,976 2024 $ 10,661 2025 $ 10,494 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our obligations under debt arrangements consisted of the following: June 30, 2021 December 31, 2020 Principal Unamortized Premium and Debt Issuance Costs Net Value Principal Unamortized Debt Issuance Costs Net Value Senior secured credit facility-Revolving Loan (1) $ 118,200 $ — $ 118,200 $ 643,700 $ — $ 643,700 Senior secured credit facility-Term Loan (2) 300,000 2,547 297,453 — — — 6.000% senior unsecured notes due 2023 — — — 80,859 504 80,355 5.625% senior unsecured notes due 2024 341,135 2,534 338,601 341,135 2,963 338,172 6.500% senior unsecured notes due 2025 534,834 5,046 529,788 534,834 5,639 529,195 6.250% senior unsecured notes due 2026 359,799 3,799 356,000 359,799 4,189 355,610 8.000% senior unsecured notes due 2027 1,000,000 7,401 992,599 750,000 13,022 736,978 7.750% senior unsecured notes due 2028 720,975 10,474 710,501 720,975 11,269 709,706 Total long-term debt $ 3,374,943 $ 31,801 $ 3,343,142 $ 3,431,302 $ 37,586 $ 3,393,716 (1) Unamortized debt issuance costs associated with our senior secured credit facility Revolving Loan, as defined below (included in Other Long Term Assets on the Unaudited Condensed Consolidated Balance Sheets), were $5.5 million and $5.8 million as of June 30, 2021 and December 31, 2020, respectively. (2) Unamortized debt issuance costs associated with our senior secured credit facility Term Loan, as defined below (included in Senior Secured Credit Facility, net on the Unaudited Condensed Consolidated Balance Sheets), was $2.5 million as of June 30, 2021. Senior Secured Credit Facility On April 8, 2021, we entered into the Fifth Amended and Restated Credit Agreement (our "new credit agreement") to replace our Fourth Amended and Restated Credit Agreement. Our new credit agreement provides for a $950 million senior secured credit facility, comprised of a revolving loan facility with a borrowing capacity of $650 million (the "Revolving Loan") and a term loan facility of $300 million (the "Term Loan"). The new credit agreement matures on March 15, 2024, subject to extension at our request for one • Revolving Loan: 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 in effect on such day, (ii) the federal funds effective rate in effect on such day plus 0.5% of 1% and (iii) the LIBOR rate for a one-month maturity on such day 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 2.25% to 3.75% on Eurodollar borrowings and from 1.25% to 2.75% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At June 30, 2021, the applicable margins on our borrowings were 2.75% for alternate base rate borrowings and 3.75% for Eurodollar rate borrowings based on our leverage ratio. • Term Loan: The interest rate on borrowings may be based on an alternate base rate or a Eurodollar rate, at our option. The alternate base rate and the Eurodollar rates for our Term Loan are calculated consistent with our Revolving Loan discussed above, and the applicable margin is fixed at 3.75% on Eurodollar borrowings and 2.75% on alternate base rate borrowings for the Term Loan. • Letter of credit fee rates range from 2.25% to 3.75% based on our leverage ratio as computed under the credit facility and can fluctuate quarterly. At June 30, 2021, our letter of credit rate was 3.75%. • We pay a commitment fee on the unused portion of the Revolving Loan. The commitment fee rates on the unused committed amount will range from 0.30% to 0.50% per annum depending on our leverage ratio. At June 30, 2021, our commitment fee rate on the unused committed amount was 0.50%. • We have the ability to increase the aggregate size of the Revolving Loan by an additional $200 million, subject to lender consent and certain other customary conditions. At June 30, 2021, we had $118.2 million outstanding under our Revolving Loan, with $19.6 million of the borrowed amount designated as a loan under the inventory sublimit. Our new credit agreement allows up to $100.0 million of the capacity to be used for letters of credit, of which $1.3 million was outstanding at June 30, 2021. Due to the revolving nature of loans under our Revolving Loan, additional borrowings, periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our Revolving Loan at June 30, 2021 was $530.5 million, subject to compliance with covenants. At June 30, 2021, we had $300 million borrowed under our Term Loan. Principal repayments on the Term Loan under our new credit agreement are as follows: Year Principal Due (1) 2021 $ 15,000 2022 60,000 2023 100,000 2024 125,000 (1) Principal repayments of $15 million are due at the end of each calendar quarter starting December 31, 2021 until December 31, 2022. Principal repayments of $25 million are due at the end of each calendar quarter during 2023, with the remaining balance due at the maturity date of March 15, 2024. We intend to make the scheduled repayments on our Term Loan with the available borrowing capacity under our Revolving Loan. Under our new credit agreement, the permitted maximum consolidated leverage ratio is 5.85x through June 30, 2021, 5.75x through March 31, 2022, and then 5.50x thereafter. The permitted maximum consolidated senior secured leverage ratio is 2.50x, and the minimum interest coverage ratio is 2.50x for the full term of the agreement. As of June 30, 2021, we were in compliance with the financial covenants contained in our new credit agreement and indentures for our senior unsecured notes indentures as described below. Senior Unsecured Note Transactions On January 16, 2020, we issued $750 million in aggregate principal amount of our 7.75% senior unsecured notes due February 1, 2028 (the “2028 Notes”). Interest payments are due February 1 and August 1 of each year. That issuance generated net proceeds of $736.7 million, net of issuance costs incurred. We used $554.8 million of the net proceeds to redeem the portion of the 6.75% senior unsecured notes due August 1, 2022 (the "2022 Notes") (including principal, accrued interest and tender premium) that were validly tendered, and the remaining net proceeds were used to repay a portion of the borrowings outstanding under our 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 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 (expense)" in our Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2020. On December 17, 2020, we issued $750 million in aggregate principal amount of our 8.00% senior unsecured notes due January 15, 2027 (the "2027 Notes"). Interest payments are due on January 15 and July 15 of each year with the initial interest payment due on July 15, 2021. The issuance generated net proceeds of approximately $737 million, net of issuance costs incurred. We used $316.5 million of the net proceeds to repay the portion of the 6.00% senior unsecured notes due May 15, 2023 (the "2023 Notes") (including principal, accrued interest and tender premium) that were validly tendered, and the remaining proceeds were used to repay a portion of the borrowings outstanding under our revolving credit facility. On January 19, 2021, we redeemed the remaining principal balance outstanding on our 2023 Notes of $80.9 million in accordance with the terms and conditions of the indenture governing the 2023 Notes. We incurred a total loss of approximately $1.6 million relating to the extinguishment of our remaining 2023 Notes, inclusive of the redemption fee and the write-off of the related unamortized debt issuance costs, which is recorded in "Other income (expense)" in our Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2021. On April 22, 2021, we completed our offering of an additional $250 million in aggregate principal amount of our 2027 Notes. The notes constitute an additional issuance of our existing 2027 Notes that we issued on December 17, 2020 in an aggregate principal amount of $750 million. The additional $250 million of notes have identical terms as (other than with respect to the issue price) and constitute part of the same series of the 2027 Notes. The $250 million of the 2027 Notes were issued at a premium of 103.75% plus accrued interest from December 17, 2020. We used the net proceeds from the offering for general partnership purposes, including repaying a portion of the revolving borrowings outstanding under our new credit agreement. During 2020, we repurchased certain of our senior unsecured notes on the open market and recorded cancellation of debt income of $18.5 million and $19.7 million for the three and six months ended June 30, 2020, respectively. These are recorded within "Other income (expense)" in our Unaudited Consolidated Statements of Operations. |
Partners' Capital, Mezzanine Ca
Partners' Capital, Mezzanine Capital and Distributions | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Partners' Capital, Mezzanine Capital and Distributions | Partners’ Capital, Mezzanine Capital and Distributions At June 30, 2021, 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 2020 and 2021: Distribution For Date Paid Per Unit Total 2020 1 st Quarter May 15, 2020 $ 0.15 $ 18,387 2 nd Quarter August 14, 2020 $ 0.15 $ 18,387 3 rd Quarter November 13, 2020 $ 0.15 $ 18,387 4 th Quarter February 12, 2021 $ 0.15 $ 18,387 2021 1 st Quarter May 14, 2021 $ 0.15 $ 18,387 2 nd Quarter August 13, 2021 (1) $ 0.15 $ 18,387 (1) This distribution was declared on July 7, 2021 and will be paid to unitholders of record as of July 30, 2021. Class A Convertible Preferred Units At June 30, 2021 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 ). 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. Net Loss Attributable to Genesis Energy, L.P. is reduced by Class A Convertible Preferred Unit distributions that accumulated during the period. Net Loss Attributable to Genesis Energy, L.P. was reduced by $18.7 million and $37.4 million for the three and six months ended June 30, 2021 and 2020. We paid or will pay the following cash distributions to our Class A Convertible Preferred unitholders in 2020 and 2021: Distribution For Date Paid Per Unit Total 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 $ 0.7374 $ 18,684 4 th Quarter February 12, 2021 $ 0.7374 $ 18,684 2021 1 st Quarter May 14, 2021 $ 0.7374 $ 18,684 2 nd Quarter August 13, 2021 (1) $ 0.7374 $ 18,684 (1) This distribution was declared on July 7, 2021 and will be paid to unitholders of record as of July 30, 2021. 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 (the "Granger Optimization Project" or "GOP"). On April 14, 2020, we entered into an amendment to our agreements with GSO to, among other things, extend the construction timeline of the GOP by one year, which we currently anticipate completing in the second half of 2023. In consideration for the amendment, we issued 1,750 Alkali Holdings preferred units to GSO, which was accounted for as issuance costs. As part of the amendment, the commitment period was increased to four years, and the total commitment of GSO was increased to, subject to compliance with the covenants contained in the agreements with GSO, up to $351,750,000 preferred units (or 351,750 preferred units) in Alkali Holdings. As of June 30, 2021, there are 201,705 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 June 30, 2021 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 Loss Attributable to Genesis Energy, L.P. for the three months ended June 30, 2021 includes $5.8 million of adjustments, of which $4.9 million was allocated to the paid-in-kind ("PIK") distributions on the outstanding Alkali Holdings preferred units and $0.9 million was attributable to redemption accretion value adjustments. Net Loss Attributable to Genesis Energy, L.P. for the six months ended June 30, 2021 includes $10.6 million of adjustments, of which $9.0 million was allocated to the PIK distributions on the outstanding Alkali Holdings preferred units and $1.6 million was attributable to redemption accretion value adjustments. Net Loss Attributable to Genesis Energy, L.P. for the three months ended June 30, 2020 includes $4.2 million of adjustments, of which $3.4 million was allocated to the PIK distributions and $0.8 million was attributable to redemption accretion value adjustments. Net Loss Attributable to Genesis Energy, L.P. for the six months ended June 30, 2020 includes $8.2 million of adjustments, of which $6.7 million was allocated to the PIK distributions and $1.5 million was attributable to redemption accretion value adjustments. We elected to pay distributions for the period ended June 30, 2021 in-kind to our Alkali Holdings preferred unitholders. The unitholders liquidation preference is increased by new issuances and PIK distributions and is reduced by tax distributions paid to the unitholders, which are required to be paid by us to fulfill the income tax liabilities of each holder of Alkali Holdings preferred units. 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 June 30, 2021, the redemption amount would be equal to $248.9 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, 2020 to June 30, 2021: Balance as of December 31, 2020 $ 141,194 Issuance of preferred units, net of issuance costs (1) 59,247 PIK distribution 8,955 Redemption accretion 1,602 Tax distributions (1) (6,351) Balance as of June 30, 2021 $ 204,647 |
Net Loss Per Common Unit
Net Loss Per Common Unit | 6 Months Ended |
Jun. 30, 2021 | |
Net Income per Common Unit [Abstract] | |
Net Loss Per Common Unit | Net 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 six months ended June 30, 2021, 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 loss and weighted average units used in computing basic and diluted net loss per common unit (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net Loss Attributable to Genesis Energy L.P. $ (41,682) $ (326,714) $ (75,906) $ (301,805) Less: Accumulated distributions attributable to Class A Convertible Preferred Units (18,684) (18,684) (37,368) (37,368) Net Loss Available to Common Unitholders $ (60,366) $ (345,398) $ (113,274) $ (339,173) Weighted Average Outstanding Units 122,579 122,579 122,579 122,579 Basic and Diluted Net Loss per Common Unit $ (0.49) $ (2.82) $ (0.92) $ (2.77) |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
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 the processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and the selling of the related by-product, NaHS; • Onshore facilities and transportation – terminalling, blending, storing, marketing and transporting crude oil and petroleum products (primarily fuel oil, asphalt, and other heavy refined products); 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 our assets that 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 the previously owned direct financing lease. Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment. Segment information for the periods presented below was as follows: Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Onshore Facilities & Transportation Marine Transportation Total Three Months Ended June 30, 2021 Segment margin (a) $ 83,106 $ 38,194 $ 22,368 $ 8,468 $ 152,136 Capital expenditures (b) $ 19,421 $ 80,560 $ 2,487 $ 11,157 $ 113,625 Revenues: External customers $ 73,221 $ 239,258 $ 144,406 $ 46,970 $ 503,855 Intersegment (c) — (2,171) 1,515 656 — Total revenues of reportable segments $ 73,221 $ 237,087 $ 145,921 $ 47,626 $ 503,855 Three Months Ended June 30, 2020 Segment margin (a) $ 75,148 $ 24,824 $ 21,215 $ 18,138 $ 139,325 Capital expenditures (b) $ 1,983 $ 33,462 $ 829 $ 3,493 $ 39,767 Revenues: External customers $ 64,964 $ 194,543 $ 74,690 $ 54,270 $ 388,467 Intersegment (c) — (1,919) (531) 2,450 — Total revenues of reportable segments $ 64,964 $ 192,624 $ 74,159 $ 56,720 $ 388,467 Six Months Ended June 30, 2021 Segment Margin (a) $ 167,375 $ 81,914 $ 43,367 $ 15,577 $ 308,233 Capital expenditures (b) $ 30,949 $ 90,598 $ 3,586 $ 22,871 $ 148,004 Revenues: External customers $ 137,605 $ 468,564 $ 332,556 $ 86,349 $ 1,025,074 Intersegment (c) — (4,190) 2,582 1,608 — Total revenues of reportable segments $ 137,605 $ 464,374 $ 335,138 $ 87,957 $ 1,025,074 Six Months Ended June 30, 2020 Segment Margin (a) $ 160,394 $ 61,765 $ 49,314 $ 37,140 $ 308,613 Capital expenditures (b) $ 3,010 $ 48,437 $ 1,986 $ 17,725 $ 71,158 Revenues: External customers $ 143,393 $ 440,078 $ 231,489 $ 113,430 $ 928,390 Intersegment (c) — (4,064) (1,572) 5,636 — Total revenues of reportable segments $ 143,393 $ 436,014 $ 229,917 $ 119,066 $ 928,390 (a) A reconciliation of total Segment Margin to net 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. Total assets by reportable segment were as follows: June 30, December 31, 2020 Offshore pipeline transportation $ 2,152,939 $ 2,187,083 Sodium minerals and sulfur services 2,041,083 1,962,146 Onshore facilities and transportation 1,011,805 1,035,662 Marine transportation 710,870 711,058 Other assets 46,790 37,670 Total consolidated assets $ 5,963,487 $ 5,933,619 Reconciliation of total Segment Margin to net loss attributable to Genesis Energy, L.P.: Three Months Ended Six Months Ended 2021 2020 2021 2020 Total Segment Margin $ 152,136 $ 139,325 $ 308,233 $ 308,613 Corporate general and administrative expenses (12,359) (24,867) (23,511) (31,359) Depreciation, depletion, amortization and accretion (69,684) (82,580) (138,681) (158,558) Interest expense (59,169) (51,618) (116,998) (106,583) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (7,692) (5,776) (16,548) (12,182) Other non-cash items (2) (14,683) (23,291) (33,127) 8,777 Distribution from unrestricted subsidiaries not included in income (3) (17,500) (2,294) (35,000) (4,532) Cancellation of debt income (4) — 18,532 — 19,725 Loss on extinguishment of debt (4) — — (1,627) (23,480) Differences in timing of cash receipts for certain contractual arrangements (5) (6,446) (11,638) (6,745) (16,128) Impairment expense (6) — (277,495) — (277,495) Provision for leased items no longer in use 6 (58) (598) 72 Redeemable noncontrolling interest redemption value adjustments (7) (5,766) (4,159) (10,557) (8,245) Income tax expense (525) (795) (747) (430) Net loss attributable to Genesis Energy, L.P. $ (41,682) $ (326,714) $ (75,906) $ (301,805) (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) The three and six months ended June 30, 2021 include a $14.3 million unrealized loss and $32.8 million unrealized loss, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. The three and six months ended June 30, 2020 include a $21.8 million unrealized loss and $10.7 million unrealized gain, respectively, from the valuation of the embedded derivative. Refer to Note 16 for details. (3) The three and six months ended June 30, 2021 include $17.5 million and $35.0 million, respectively, in cash receipts not included in income associated with principal repayments on our previously owned NEJD pipeline. The three and six months ended June 30, 2020 include $2.3 million and $4.5 million, respectively, in cash receipts not included in income associated with principal repayments on our NEJD pipeline. Genesis NEJD Pipeline, LLC is defined as an unrestricted subsidiary under our credit facility. See Note 4 for details. (4) Refer to Note 9 for details surrounding the repurchases of certain of our senior unsecured notes and the extinguishment of our 2022 Notes and 2023 Notes. (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 our non-cash impairment expense recorded for the three and six months ended June 30, 2020. (7) Includes PIK distributions attributable to the period and accretion on the redemption feature. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | Transactions with Related Parties The transactions with related parties were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues: Revenues from services and fees to Poseidon (1) $ 3,242 $ 3,035 $ 7,028 $ 6,182 Revenues from product sales to ANSAC 71,329 48,695 139,284 121,774 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 330 $ 330 Charges for services from Poseidon (1) 238 249 478 503 Charges for services from ANSAC 519 629 697 1,461 (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 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 automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the three and six months ended June 30, 2021 reflect $2.4 million and $4.7 million, respectively, associated with this agreement. Our revenues for the three and six months ended June 30, 2020 reflect $2.3 million and $4.6 million, respectively, of fees we earned through the provision of services under that agreement. At June 30, 2021 and December 31, 2020, Poseidon owed us $2.9 million and $2.6 million, respectively, for services rendered. ANSAC We (through a subsidiary of our Alkali Business) are a member of the American Natural Soda Ash Corp. ("ANSAC"), an organization whose purpose is promoting and increasing the use and sale of natural soda ash and other refined or processed sodium products produced in the U.S. and consumed in specified countries outside of the U.S. 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 them. 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 June 30, 2021, such amount is not material to us. Net Sales to ANSAC were $71.3 million and $139.3 million during the three and six months ended June 30, 2021 and were $48.7 million and $121.8 million during the three and six months ended June 30, 2020. The costs charged to us by ANSAC, included in sodium minerals and sulfur services operating costs, were $0.5 million and $0.7 million during the three and six months ended June 30, 2021 and were $0.6 million and $1.5 million during the three and six months ended June 30, 2020. Receivables from and payables to ANSAC as of June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, 2021 2020 Receivables: ANSAC $ 66,178 $ 43,400 Payables: ANSAC $ 169 $ 470 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2021 | |
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. Six Months Ended 2021 2020 (Increase) decrease in: Accounts receivable $ (77,785) $ 178,509 Inventories 21,550 (44,394) Deferred charges 9,823 9,240 Other current assets (4,835) (9,919) Increase (decrease) in: Accounts payable 49,809 (93,080) Accrued liabilities 32,710 (20,838) Net changes in components of operating assets and liabilities $ 31,272 $ 19,518 Payments of interest and commitment fees were $78.0 million and $97.8 million for the six months ended June 30, 2021 and June 30, 2020, respectively. We capitalized interest of $1.4 million and $1.0 million during the six months ended June 30, 2021 and June 30, 2020, respectively. At June 30, 2021 and June 30, 2020, we had incurred liabilities for fixed and intangible asset additions totaling $71.5 million and $25.5 million, respectively, that had not been paid at the end of the quarter, and, therefore, were not included in the caption “Payments to acquire fixed and intangible assets” under Cash Flows from Investing Activities in the Unaudited Condensed Consolidated Statements of Cash Flows. The increase in this amount is principally due to the increase in capital expenditures associated with our GOP, which has the ability to be fully financed with our Alkali Holding preferred units, subject to compliance with the covenants contained in the agreements with GSO ( Note 10 ). |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
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. We had no outstanding swap contracts at June 30, 2021. At June 30, 2021, we entered into the following outstanding derivative commodity contracts to economically hedge inventory, fixed price purchase commitments or forecasted purchases. Sell (Short) Buy (Long) Designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 92 — Weighted average contract price per bbl $ 70.71 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 204 10 Weighted average contract price per bbl $ 70.75 $ 72.66 Natural gas futures: Contract volumes (10,000 MMBTU) 15 15 Weighted average contract price per MMBTU $ 3.55 $ 3.14 Crude oil options: Contract volumes (1,000 bbls) 8 — Weighted average premium received/paid $ 5.59 $ — 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 June 30, 2021 and December 31, 2020: Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value June 30, December 31, 2020 Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 65 $ 732 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (65) (732) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Natural Gas Swap (undesignated hedge) Current Assets - Other — 616 Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 13 $ 1,022 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (13) (1,022) 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 (85,154) (52,372) Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (605) $ (2,114) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 605 2,114 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (267) $ (3,345) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 267 3,073 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ (272) (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 June 30, 2021, we had a net broker receivable of approximately $1.5 million (consisting of initial margin of $1.5 million and no variation margin). As of December 31, 2020, we had a net broker receivable of approximately $3.4 million (consisting of initial margin of $3.3 million increased by $0.1 million of variation margin). At June 30, 2021 and December 31, 2020, 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 (expense)" in our Unaudited Condensed Consolidated Statement of Operations. At June 30, 2021, the fair value of this embedded derivative was a liability of $85.2 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 Six Months Ended 2021 2020 2021 2020 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ (1,563) $ (10,936) $ (7,460) $ (10,207) Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs (1,779) (2,642) (5,700) (4,017) Total commodity derivatives $ (3,342) $ (13,578) $ (13,160) $ (14,224) Natural Gas Swap Sodium minerals and sulfur services operating costs $ 30 $ 983 $ (37) $ 551 Preferred Distribution Rate Reset Election Other income (expense) $ (14,344) $ (21,839) $ (32,782) $ 10,706 |
Fair-Value Measurements
Fair-Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020. Fair Value at Fair Value at June 30, 2021 December 31, 2020 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 78 $ — $ — $ 1,754 $ 616 $ — Liabilities $ (872) $ — $ — $ (5,459) $ — $ — Preferred Distribution Rate Reset Election $ — $ — $ (85,154) $ — $ — $ (52,372) 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: Six Months Ended 2021 Balance as of December 31, 2020 $ (52,372) Unrealized loss for the period included in earnings (32,782) Balance as of June 30, 2021 $ (85,154) 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 June 30, 2021. 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 June 30, 2021. 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 a decrease in our discount yield compared to the preceding quarters, as well as the passage of time as we draw nearer to our coupon rate reset date in 2022, we recorded unrealized losses of $14.3 million and $32.8 million, respectively, for the three and six months ended June 30, 2021. During the second quarter of 2020, we recorded an unrealized loss of $21.8 million, while in the first quarter of 2020, we recorded an unrealized gain of $32.5 million, due to the significant changes and fluctuations in the energy industry credit markets and our common unit price during the period. These effects are all recorded within "Other income (expense)" 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 June 30, 2021 our senior unsecured notes had a carrying value of $2.9 billion and fair value of $3.0 billion compared to a carrying value of $2.8 billion and fair value of $2.7 billion at December 31, 2020. 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 | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesWe 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. |
Recent Accounting Developments
Recent Accounting Developments (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | 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, 2020 (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. |
Recently Accounting Developments | Recent Accounting DevelopmentsRecently Adopted During the first quarter of 2020, the SEC amended the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X to go in effect January 4, 2021. The amendment simplifies the disclosure requirements and permits the amended disclosures to be provided outside the footnotes in audited annual or unaudited interim consolidated financial statements in all filings. As permitted by the amendment, we have early adopted the amendment and included the required summarized financial information in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and 2020, respectively: Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 73,221 $ — $ 47,626 $ 18,176 $ 139,023 Product Sales — 212,434 — 127,745 340,179 Refinery Services — 24,653 — — 24,653 $ 73,221 $ 237,087 $ 47,626 $ 145,921 $ 503,855 Three Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 64,964 $ — $ 56,720 $ 21,845 $ 143,529 Product Sales — 172,410 — 52,314 224,724 Refinery Services — 20,214 — — 20,214 $ 64,964 $ 192,624 $ 56,720 $ 74,159 $ 388,467 The following tables reflect the disaggregation of our revenues by major category for the six months ended June 30, 2021 and 2020, respectively: Six Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities and Transportation Consolidated Fee-based revenues $ 137,605 $ — $ 87,957 $ 42,570 $ 268,132 Product Sales — 417,212 — 292,568 709,780 Refinery Services — 47,162 — — 47,162 $ 137,605 $ 464,374 $ 87,957 $ 335,138 $ 1,025,074 Six Months Ended Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities & Transportation Consolidated Fee-based revenues $ 143,393 $ — $ 119,066 $ 62,835 $ 325,294 Product Sales — 387,776 — 167,082 554,858 Refinery Services — 48,238 — — 48,238 $ 143,393 $ 436,014 $ 119,066 $ 229,917 $ 928,390 |
Schedule of Contract Asset and Liabilities Balances Activity | The table below depicts our contract asset and liability balances at December 31, 2020 and June 30, 2021: Contract Assets Contract Liabilities Current Assets- Other Other Assets Accrued Liabilities Other Long-Term Liabilities Balance at December 31, 2020 $ 36,500 $ 12,065 $ 2,988 $ 19,834 Balance at June 30, 2021 30,813 — 2,669 18,576 |
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 2021 $ 31,048 $ 9,604 2022 75,623 4,698 2023 63,982 — 2024 56,326 — 2025 60,311 — Thereafter 97,761 — Total $ 385,051 $ 14,302 |
Lease Accounting (Tables)
Lease Accounting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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: Three Months Ended Six Months Ended 2021 2020 2021 2020 M/T American Phoenix $ 3,819 $ 6,734 $ 7,239 $ 13,377 Free State Pipeline (1) — 1,499 — 3,422 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Components of Inventories | The major components of inventories were as follows: June 30, December 31, 2020 Petroleum products $ 1,308 $ 5,840 Crude oil 23,597 37,661 Caustic soda 4,459 5,167 NaHS 10,701 9,101 Raw materials - Alkali operations 7,230 7,120 Work-in-process - Alkali operations 4,455 9,355 Finished goods, net - Alkali operations 13,279 13,002 Materials and supplies, net - Alkali operations 13,298 12,631 Total $ 78,327 $ 99,877 |
Fixed Assets, Mineral Leaseho_2
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Schedule of Fixed Assets | Fixed assets, net consisted of the following: June 30, 2021 December 31, 2020 Crude oil pipelines and natural gas pipelines and related assets $ 2,821,996 $ 2,811,030 Alkali facilities, machinery, and equipment 641,619 622,598 Onshore facilities, machinery, and equipment 268,689 267,810 Transportation equipment 21,348 19,470 Marine vessels 1,011,171 998,553 Land, buildings and improvements 221,146 219,382 Office equipment, furniture and fixtures 22,185 22,001 Construction in progress 260,742 170,740 Other 43,261 41,891 Fixed assets, at cost 5,312,157 5,173,475 Less: Accumulated depreciation (1,437,510) (1,322,141) Net fixed assets $ 3,874,647 $ 3,851,334 |
Schedule of Mineral Leaseholds | Our Mineral Leaseholds, relating to our Alkali Business, consist of the following: June 30, December 31, 2020 Mineral leaseholds $ 566,019 $ 566,019 Less: Accumulated depletion (15,060) (13,444) Mineral leaseholds, net of accumulated depletion $ 550,959 $ 552,575 |
Schedule of Depreciation and Depletion Expense | Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Depreciation expense $ 64,148 $ 75,089 $ 126,850 $ 144,331 Depletion expense 704 841 1,616 1,804 |
Schedule of Change in Asset Retirement Obligation | The following table presents information regarding our AROs since December 31, 2020: ARO liability balance, December 31, 2020 $ 176,852 Accretion expense 5,177 Changes in estimate 97 Settlements (2,824) ARO liability balance, June 30, 2021 $ 179,302 |
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 2021 $ 4,975 2022 $ 9,384 2023 $ 9,128 2024 $ 9,783 2025 $ 10,487 |
Equity Investees (Tables)
Equity Investees (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Six Months Ended 2021 2020 2021 2020 Genesis’ share of operating earnings $ 18,094 $ 16,490 $ 42,627 $ 34,522 Amortization of excess purchase price (3,872) (3,872) (7,745) (7,745) Net equity in earnings $ 14,222 $ 12,618 $ 34,882 $ 26,777 Distributions received (1) $ 21,914 $ 18,394 $ 51,430 $ 38,959 (1) Includes distributions attributable to the period and received during or promptly following such period. |
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): June 30, December 31, 2020 BALANCE SHEET DATA: Assets Current assets $ 17,546 $ 30,465 Fixed assets, net 167,764 171,732 Other assets 5,447 4,673 Total assets $ 190,757 $ 206,870 Liabilities and equity Current liabilities $ 13,649 $ 9,958 Other liabilities 229,836 237,595 Equity (Deficit) (52,728) (40,683) Total liabilities and equity $ 190,757 $ 206,870 |
Schedule Of Operations For Equity Investees | Three Months Ended Six Months Ended 2021 2020 2021 2020 INCOME STATEMENT DATA: Revenues $ 33,757 $ 30,419 $ 76,170 $ 63,311 Operating income $ 24,636 $ 21,922 $ 56,797 $ 45,528 Net income $ 23,610 $ 20,636 $ 54,755 $ 42,219 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, 2021 December 31, 2020 Gross Accumulated Carrying Gross Accumulated Carrying Marine contract intangibles $ 800 $ 589 $ 211 $ 800 $ 571 $ 229 Offshore pipeline contract intangibles 158,101 49,233 108,868 158,101 45,073 113,028 Other 33,629 14,761 18,868 29,244 13,759 15,485 Total $ 192,530 $ 64,583 $ 127,947 $ 188,145 $ 59,403 $ 128,742 |
Schedule of Amortization Expense | Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Amortization of intangible assets $ 2,580 $ 4,146 $ 5,180 $ 8,262 |
Schedule of Expected Amortization Expense | We estimate that our amortization expense for the next five years will be as follows: Remainder of 2021 $ 5,673 2022 $ 11,244 2023 $ 10,976 2024 $ 10,661 2025 $ 10,494 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Obligations Under Debt Arrangements | Our obligations under debt arrangements consisted of the following: June 30, 2021 December 31, 2020 Principal Unamortized Premium and Debt Issuance Costs Net Value Principal Unamortized Debt Issuance Costs Net Value Senior secured credit facility-Revolving Loan (1) $ 118,200 $ — $ 118,200 $ 643,700 $ — $ 643,700 Senior secured credit facility-Term Loan (2) 300,000 2,547 297,453 — — — 6.000% senior unsecured notes due 2023 — — — 80,859 504 80,355 5.625% senior unsecured notes due 2024 341,135 2,534 338,601 341,135 2,963 338,172 6.500% senior unsecured notes due 2025 534,834 5,046 529,788 534,834 5,639 529,195 6.250% senior unsecured notes due 2026 359,799 3,799 356,000 359,799 4,189 355,610 8.000% senior unsecured notes due 2027 1,000,000 7,401 992,599 750,000 13,022 736,978 7.750% senior unsecured notes due 2028 720,975 10,474 710,501 720,975 11,269 709,706 Total long-term debt $ 3,374,943 $ 31,801 $ 3,343,142 $ 3,431,302 $ 37,586 $ 3,393,716 (1) Unamortized debt issuance costs associated with our senior secured credit facility Revolving Loan, as defined below (included in Other Long Term Assets on the Unaudited Condensed Consolidated Balance Sheets), were $5.5 million and $5.8 million as of June 30, 2021 and December 31, 2020, respectively. (2) Unamortized debt issuance costs associated with our senior secured credit facility Term Loan, as defined below (included in Senior Secured Credit Facility, net on the Unaudited Condensed Consolidated Balance Sheets), was $2.5 million as of June 30, 2021. |
Schedule of Principal Repayments of Term Loan | At June 30, 2021, we had $300 million borrowed under our Term Loan. Principal repayments on the Term Loan under our new credit agreement are as follows: Year Principal Due (1) 2021 $ 15,000 2022 60,000 2023 100,000 2024 125,000 |
Partners' Capital, Mezzanine _2
Partners' Capital, Mezzanine Capital and Distributions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Paid Distributions | We paid or will pay the following distributions to our common unitholders in 2020 and 2021: Distribution For Date Paid Per Unit Total 2020 1 st Quarter May 15, 2020 $ 0.15 $ 18,387 2 nd Quarter August 14, 2020 $ 0.15 $ 18,387 3 rd Quarter November 13, 2020 $ 0.15 $ 18,387 4 th Quarter February 12, 2021 $ 0.15 $ 18,387 2021 1 st Quarter May 14, 2021 $ 0.15 $ 18,387 2 nd Quarter August 13, 2021 (1) $ 0.15 $ 18,387 (1) This distribution was declared on July 7, 2021 and will be paid to unitholders of record as of July 30, 2021. Distribution For Date Paid Per Unit Total 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 $ 0.7374 $ 18,684 4 th Quarter February 12, 2021 $ 0.7374 $ 18,684 2021 1 st Quarter May 14, 2021 $ 0.7374 $ 18,684 2 nd Quarter August 13, 2021 (1) $ 0.7374 $ 18,684 (1) This distribution was declared on July 7, 2021 and will be paid to unitholders of record as of July 30, 2021. |
Schedule of Changes in Redeemable Noncontrolling Interest | The following table shows the change in our redeemable noncontrolling interest balance from December 31, 2020 to June 30, 2021: Balance as of December 31, 2020 $ 141,194 Issuance of preferred units, net of issuance costs (1) 59,247 PIK distribution 8,955 Redemption accretion 1,602 Tax distributions (1) (6,351) Balance as of June 30, 2021 $ 204,647 |
Net Loss Per Common Unit (Table
Net Loss Per Common Unit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Net Income per Common Unit [Abstract] | |
Schedule of Computation of Earnings Per Share, Basic and Diluted | The following table reconciles net loss and weighted average units used in computing basic and diluted net loss per common unit (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net Loss Attributable to Genesis Energy L.P. $ (41,682) $ (326,714) $ (75,906) $ (301,805) Less: Accumulated distributions attributable to Class A Convertible Preferred Units (18,684) (18,684) (37,368) (37,368) Net Loss Available to Common Unitholders $ (60,366) $ (345,398) $ (113,274) $ (339,173) Weighted Average Outstanding Units 122,579 122,579 122,579 122,579 Basic and Diluted Net Loss per Common Unit $ (0.49) $ (2.82) $ (0.92) $ (2.77) |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 Segment margin (a) $ 83,106 $ 38,194 $ 22,368 $ 8,468 $ 152,136 Capital expenditures (b) $ 19,421 $ 80,560 $ 2,487 $ 11,157 $ 113,625 Revenues: External customers $ 73,221 $ 239,258 $ 144,406 $ 46,970 $ 503,855 Intersegment (c) — (2,171) 1,515 656 — Total revenues of reportable segments $ 73,221 $ 237,087 $ 145,921 $ 47,626 $ 503,855 Three Months Ended June 30, 2020 Segment margin (a) $ 75,148 $ 24,824 $ 21,215 $ 18,138 $ 139,325 Capital expenditures (b) $ 1,983 $ 33,462 $ 829 $ 3,493 $ 39,767 Revenues: External customers $ 64,964 $ 194,543 $ 74,690 $ 54,270 $ 388,467 Intersegment (c) — (1,919) (531) 2,450 — Total revenues of reportable segments $ 64,964 $ 192,624 $ 74,159 $ 56,720 $ 388,467 Six Months Ended June 30, 2021 Segment Margin (a) $ 167,375 $ 81,914 $ 43,367 $ 15,577 $ 308,233 Capital expenditures (b) $ 30,949 $ 90,598 $ 3,586 $ 22,871 $ 148,004 Revenues: External customers $ 137,605 $ 468,564 $ 332,556 $ 86,349 $ 1,025,074 Intersegment (c) — (4,190) 2,582 1,608 — Total revenues of reportable segments $ 137,605 $ 464,374 $ 335,138 $ 87,957 $ 1,025,074 Six Months Ended June 30, 2020 Segment Margin (a) $ 160,394 $ 61,765 $ 49,314 $ 37,140 $ 308,613 Capital expenditures (b) $ 3,010 $ 48,437 $ 1,986 $ 17,725 $ 71,158 Revenues: External customers $ 143,393 $ 440,078 $ 231,489 $ 113,430 $ 928,390 Intersegment (c) — (4,064) (1,572) 5,636 — Total revenues of reportable segments $ 143,393 $ 436,014 $ 229,917 $ 119,066 $ 928,390 (a) A reconciliation of total Segment Margin to net 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. Total assets by reportable segment were as follows: June 30, December 31, 2020 Offshore pipeline transportation $ 2,152,939 $ 2,187,083 Sodium minerals and sulfur services 2,041,083 1,962,146 Onshore facilities and transportation 1,011,805 1,035,662 Marine transportation 710,870 711,058 Other assets 46,790 37,670 Total consolidated assets $ 5,963,487 $ 5,933,619 |
Schedule of Reconciliation of Operating Loss from Segments to Consolidated | Reconciliation of total Segment Margin to net loss attributable to Genesis Energy, L.P.: Three Months Ended Six Months Ended 2021 2020 2021 2020 Total Segment Margin $ 152,136 $ 139,325 $ 308,233 $ 308,613 Corporate general and administrative expenses (12,359) (24,867) (23,511) (31,359) Depreciation, depletion, amortization and accretion (69,684) (82,580) (138,681) (158,558) Interest expense (59,169) (51,618) (116,998) (106,583) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (7,692) (5,776) (16,548) (12,182) Other non-cash items (2) (14,683) (23,291) (33,127) 8,777 Distribution from unrestricted subsidiaries not included in income (3) (17,500) (2,294) (35,000) (4,532) Cancellation of debt income (4) — 18,532 — 19,725 Loss on extinguishment of debt (4) — — (1,627) (23,480) Differences in timing of cash receipts for certain contractual arrangements (5) (6,446) (11,638) (6,745) (16,128) Impairment expense (6) — (277,495) — (277,495) Provision for leased items no longer in use 6 (58) (598) 72 Redeemable noncontrolling interest redemption value adjustments (7) (5,766) (4,159) (10,557) (8,245) Income tax expense (525) (795) (747) (430) Net loss attributable to Genesis Energy, L.P. $ (41,682) $ (326,714) $ (75,906) $ (301,805) (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) The three and six months ended June 30, 2021 include a $14.3 million unrealized loss and $32.8 million unrealized loss, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. The three and six months ended June 30, 2020 include a $21.8 million unrealized loss and $10.7 million unrealized gain, respectively, from the valuation of the embedded derivative. Refer to Note 16 for details. (3) The three and six months ended June 30, 2021 include $17.5 million and $35.0 million, respectively, in cash receipts not included in income associated with principal repayments on our previously owned NEJD pipeline. The three and six months ended June 30, 2020 include $2.3 million and $4.5 million, respectively, in cash receipts not included in income associated with principal repayments on our NEJD pipeline. Genesis NEJD Pipeline, LLC is defined as an unrestricted subsidiary under our credit facility. See Note 4 for details. (4) Refer to Note 9 for details surrounding the repurchases of certain of our senior unsecured notes and the extinguishment of our 2022 Notes and 2023 Notes. (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 our non-cash impairment expense recorded for the three and six months ended June 30, 2020. (7) Includes PIK distributions attributable to the period and accretion on the redemption feature. |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule Of Transactions with Related Parties | The transactions with related parties were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues: Revenues from services and fees to Poseidon (1) $ 3,242 $ 3,035 $ 7,028 $ 6,182 Revenues from product sales to ANSAC 71,329 48,695 139,284 121,774 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 330 $ 330 Charges for services from Poseidon (1) 238 249 478 503 Charges for services from ANSAC 519 629 697 1,461 (1) We own a 64% interest in Poseidon. Receivables from and payables to ANSAC as of June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, 2021 2020 Receivables: ANSAC $ 66,178 $ 43,400 Payables: ANSAC $ 169 $ 470 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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. Six Months Ended 2021 2020 (Increase) decrease in: Accounts receivable $ (77,785) $ 178,509 Inventories 21,550 (44,394) Deferred charges 9,823 9,240 Other current assets (4,835) (9,919) Increase (decrease) in: Accounts payable 49,809 (93,080) Accrued liabilities 32,710 (20,838) Net changes in components of operating assets and liabilities $ 31,272 $ 19,518 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At June 30, 2021, we entered into the following outstanding derivative commodity contracts to economically hedge inventory, fixed price purchase commitments or forecasted purchases. Sell (Short) Buy (Long) Designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 92 — Weighted average contract price per bbl $ 70.71 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 204 10 Weighted average contract price per bbl $ 70.75 $ 72.66 Natural gas futures: Contract volumes (10,000 MMBTU) 15 15 Weighted average contract price per MMBTU $ 3.55 $ 3.14 Crude oil options: Contract volumes (1,000 bbls) 8 — Weighted average premium received/paid $ 5.59 $ — |
Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value gain (loss) position of our derivatives at June 30, 2021 and December 31, 2020: Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value June 30, December 31, 2020 Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 65 $ 732 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (65) (732) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Natural Gas Swap (undesignated hedge) Current Assets - Other — 616 Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 13 $ 1,022 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (13) (1,022) 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 (85,154) (52,372) Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (605) $ (2,114) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 605 2,114 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (267) $ (3,345) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 267 3,073 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ (272) (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 Six Months Ended 2021 2020 2021 2020 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ (1,563) $ (10,936) $ (7,460) $ (10,207) Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs (1,779) (2,642) (5,700) (4,017) Total commodity derivatives $ (3,342) $ (13,578) $ (13,160) $ (14,224) Natural Gas Swap Sodium minerals and sulfur services operating costs $ 30 $ 983 $ (37) $ 551 Preferred Distribution Rate Reset Election Other income (expense) $ (14,344) $ (21,839) $ (32,782) $ 10,706 |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020. Fair Value at Fair Value at June 30, 2021 December 31, 2020 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 78 $ — $ — $ 1,754 $ 616 $ — Liabilities $ (872) $ — $ — $ (5,459) $ — $ — Preferred Distribution Rate Reset Election $ — $ — $ (85,154) $ — $ — $ (52,372) |
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: Six Months Ended 2021 Balance as of December 31, 2020 $ (52,372) Unrealized loss for the period included in earnings (32,782) Balance as of June 30, 2021 $ (85,154) |
Organization and Basis of Pre_2
Organization and Basis of Presentation and Consolidation (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Other Ownership Interests [Line Items] | |
Number of reportable segments | 4 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 503,855 | $ 388,467 | $ 1,025,074 | $ 928,390 |
Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 139,023 | 143,529 | 268,132 | 325,294 |
Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 340,179 | 224,724 | 709,780 | 554,858 |
Refinery Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 24,653 | 20,214 | 47,162 | 48,238 |
Offshore Pipeline Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 73,221 | 64,964 | 137,605 | 143,393 |
Offshore Pipeline Transportation | Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 73,221 | 64,964 | 137,605 | 143,393 |
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 | 237,087 | 192,624 | 464,374 | 436,014 |
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 | 212,434 | 172,410 | 417,212 | 387,776 |
Sodium Minerals & Sulfur Services | Refinery Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 24,653 | 20,214 | 47,162 | 48,238 |
Marine Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 47,626 | 56,720 | 87,957 | 119,066 |
Marine Transportation | Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 47,626 | 56,720 | 87,957 | 119,066 |
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 | 145,921 | 74,159 | 335,138 | 229,917 |
Onshore Facilities and Transportation | Fee-based revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 18,176 | 21,845 | 42,570 | 62,835 |
Onshore Facilities and Transportation | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 127,745 | 52,314 | 292,568 | 167,082 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue Recognition [Abstract] | ||
Contract Assets, Current Assets-Other | $ 30,813 | $ 36,500 |
Contract Assets, Other Assets | 0 | 12,065 |
Contract Liability, Accrued Liabilities | 2,669 | 2,988 |
Contract Liabilities, Other Long-Term Liabilities | $ 18,576 | $ 19,834 |
Revenue Recognition (Revenue Ex
Revenue Recognition (Revenue Expected to be Recognized in Future Periods) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 385,051 |
Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | 14,302 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 31,048 |
Revenue expected timing of satisfaction period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Onshore Facilities and Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 9,604 |
Revenue expected timing of satisfaction period | 6 months |
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 | $ 75,623 |
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 | $ 4,698 |
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 | $ 63,982 |
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 | $ 56,326 |
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 | $ 60,311 |
Revenue expected timing of satisfaction period | 1 year |
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 | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Offshore Pipeline Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in future periods | $ 97,761 |
Revenue expected timing of satisfaction period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Marine Transportation | M/T American Phoenix | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease income | $ 3,819 | $ 6,734 | $ 7,239 | $ 13,377 |
Onshore Facilities and Transportation | Free State Pipeline | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease income | $ 0 | $ 1,499 | $ 0 | $ 3,422 |
Lease Accounting (Narrative) (D
Lease Accounting (Narrative) (Details) - Genesis NEJD Pipeline, LLC | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Oct. 30, 2020installment | |
Lessor, Lease, Description [Line Items] | |||
Direct financing lease, number of installments | installment | 4 | ||
Collections received from direct finance lease receivable | $ 17,500,000 | $ 35,000,000 | |
Direct finance lease receivable | $ 35,000,000 | $ 35,000,000 |
Inventories (Major Components o
Inventories (Major Components of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Petroleum products | $ 1,308 | $ 5,840 |
Crude oil | 23,597 | 37,661 |
Caustic soda | 4,459 | 5,167 |
NaHS | 10,701 | 9,101 |
Raw materials - Alkali operations | 7,230 | 7,120 |
Work-in-process - Alkali operations | 4,455 | 9,355 |
Finished goods, net - Alkali operations | 13,279 | 13,002 |
Materials and supplies, net - Alkali operations | 13,298 | 12,631 |
Total | $ 78,327 | $ 99,877 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Inventory write-down | $ 500,000 | $ 5,000,000 |
Fixed Assets, Mineral Leaseho_3
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Fixed Assets, Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 5,312,157 | $ 5,173,475 |
Less: Accumulated depreciation | (1,437,510) | (1,322,141) |
Net fixed assets | 3,874,647 | 3,851,334 |
Crude oil pipelines and natural gas pipelines and related assets | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 2,821,996 | 2,811,030 |
Onshore facilities, machinery, and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 268,689 | 267,810 |
Onshore facilities, machinery, and equipment | Alkali Business | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 641,619 | 622,598 |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 21,348 | 19,470 |
Marine vessels | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 1,011,171 | 998,553 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 221,146 | 219,382 |
Office equipment, furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 22,185 | 22,001 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 260,742 | 170,740 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 43,261 | $ 41,891 |
Fixed Assets, Mineral Leaseho_4
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Mineral Leaseholds) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||
Mineral leaseholds | $ 566,019 | $ 566,019 |
Less: Accumulated depletion | (15,060) | (13,444) |
Mineral leaseholds, net of accumulated depletion | $ 550,959 | $ 552,575 |
Fixed Assets, Mineral Leaseho_5
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||||
Depreciation expense | $ 64,148 | $ 75,089 | $ 126,850 | $ 144,331 |
Depletion expense | $ 704 | $ 841 | $ 1,616 | $ 1,804 |
Fixed Assets, Mineral Leaseho_6
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Asset Retirement Obligation Rollforward) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
ARO liability balance, December 31, 2020 | $ 176,852 |
Accretion expense | 5,177 |
Changes in estimate | 97 |
Settlements | (2,824) |
ARO liability balance, June 30, 2021 | $ 179,302 |
Fixed Assets, Mineral Leaseho_7
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Asset Retirement Obligations Details [Line Items] | |||||
Asset retirement obligation balance | $ 179,302 | $ 179,302 | $ 176,852 | ||
Impairment expense | 0 | $ 277,495 | 0 | $ 277,495 | |
Covid-19 | Onshore Facilities and Transportation | |||||
Asset Retirement Obligations Details [Line Items] | |||||
Impairment expense | 277,500 | ||||
Impairment of net fixed assets | 272,700 | ||||
Impairment of right of use assets | $ 4,800 | ||||
Accrued Liabilities | |||||
Asset Retirement Obligations Details [Line Items] | |||||
Asset retirement obligation balance | $ 12,300 | $ 12,300 | $ 14,700 |
Fixed Assets, Mineral Leaseho_8
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Forecast of Accretion Expense) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Remainder of 2021 | $ 4,975 |
2022 | 9,384 |
2023 | 9,128 |
2024 | 9,783 |
2025 | $ 10,487 |
Equity Investees (Narrative) (D
Equity Investees (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Unamortized excess cost amount | $ 327.6 | $ 335.4 |
Equity Investees (Consolidated
Equity Investees (Consolidated Financial Statements Related to Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Genesis’ share of operating earnings | $ 18,094 | $ 16,490 | $ 42,627 | $ 34,522 |
Amortization of excess purchase price | (3,872) | (3,872) | (7,745) | (7,745) |
Net equity in earnings | 14,222 | 12,618 | 34,882 | 26,777 |
Distributions received (1) | $ 21,914 | $ 18,394 | $ 51,430 | $ 38,959 |
Equity Investees (Schedule of B
Equity Investees (Schedule of Balance Sheet Information for Equity Investees) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Current assets | $ 619,721 | $ 580,169 |
Fixed assets, net | 3,874,647 | 3,851,334 |
Total assets | 5,963,487 | 5,933,619 |
LIABILITIES AND CAPITAL | ||
Current liabilities | 520,003 | 383,411 |
Total liabilities and equity | 5,963,487 | 5,933,619 |
Poseidon | ||
Assets | ||
Current assets | 17,546 | 30,465 |
Fixed assets, net | 167,764 | 171,732 |
Other assets | 5,447 | 4,673 |
Total assets | 190,757 | 206,870 |
LIABILITIES AND CAPITAL | ||
Current liabilities | 13,649 | 9,958 |
Other liabilities | 229,836 | 237,595 |
Equity (Deficit) | (52,728) | (40,683) |
Total liabilities and equity | $ 190,757 | $ 206,870 |
Equity Investees (Schedule of O
Equity Investees (Schedule of Operations for Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
INCOME STATEMENT DATA: | ||||
Revenues | $ 503,855 | $ 388,467 | $ 1,025,074 | $ 928,390 |
Operating income | 25,537 | (278,220) | 53,558 | (219,058) |
Net income | (41,682) | (326,714) | (75,906) | (301,805) |
Poseidon | ||||
INCOME STATEMENT DATA: | ||||
Revenues | 33,757 | 30,419 | 76,170 | 63,311 |
Operating income | 24,636 | 21,922 | 56,797 | 45,528 |
Net income | $ 23,610 | $ 20,636 | $ 54,755 | $ 42,219 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Components of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 192,530 | $ 188,145 |
Accumulated Amortization | 64,583 | 59,403 |
Carrying Value | 127,947 | 128,742 |
Contract intangibles | Marine Transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 800 | 800 |
Accumulated Amortization | 589 | 571 |
Carrying Value | 211 | 229 |
Contract intangibles | Offshore pipeline transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 158,101 | 158,101 |
Accumulated Amortization | 49,233 | 45,073 |
Carrying Value | 108,868 | 113,028 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,629 | 29,244 |
Accumulated Amortization | 14,761 | 13,759 |
Carrying Value | $ 18,868 | $ 15,485 |
Intangible Assets (Schedule o_2
Intangible Assets (Schedule of Current and Future Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization of intangible assets | $ 2,580 | $ 4,146 | $ 5,180 | $ 8,262 |
Remainder of 2021 | 5,673 | 5,673 | ||
2022 | 11,244 | 11,244 | ||
2023 | 10,976 | 10,976 | ||
2024 | 10,661 | 10,661 | ||
2025 | $ 10,494 | $ 10,494 |
Debt (Schedule of Obligations U
Debt (Schedule of Obligations Under Debt Arrangements) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 17, 2020 | Jan. 16, 2020 |
Debt Instrument [Line Items] | ||||
Principal | $ 3,374,943 | $ 3,431,302 | ||
Unamortized Premium and Debt Issuance Costs | 31,801 | 37,586 | ||
Net Value | 3,343,142 | 3,393,716 | ||
Credit Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Principal | 300,000 | 0 | ||
Unamortized Premium and Debt Issuance Costs | 2,547 | 0 | ||
Net Value | 297,453 | 0 | ||
Credit Facility | Revolving Credit Facility | Revolving Loan | ||||
Debt Instrument [Line Items] | ||||
Principal | 118,200 | 643,700 | ||
Unamortized Premium and Debt Issuance Costs | 0 | 0 | ||
Net Value | 118,200 | 643,700 | ||
Unamortized debt issuance costs | 5,500 | $ 5,800 | ||
Credit Facility | Revolving Credit Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 2,500 | |||
Senior Notes | 6.000% senior unsecured notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 600.00% | 600.00% | 6.00% | |
Principal | $ 0 | $ 80,859 | ||
Unamortized Premium and Debt Issuance Costs | 0 | 504 | ||
Net Value | $ 0 | $ 80,355 | ||
Senior Notes | 5.625% senior unsecured notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 562.50% | 562.50% | ||
Principal | $ 341,135 | $ 341,135 | ||
Unamortized Premium and Debt Issuance Costs | 2,534 | 2,963 | ||
Net Value | $ 338,601 | $ 338,172 | ||
Senior Notes | 6.500% senior unsecured notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 650.00% | 650.00% | ||
Principal | $ 534,834 | $ 534,834 | ||
Unamortized Premium and Debt Issuance Costs | 5,046 | 5,639 | ||
Net Value | $ 529,788 | $ 529,195 | ||
Senior Notes | 6.250% senior unsecured notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 625.00% | 625.00% | ||
Principal | $ 359,799 | $ 359,799 | ||
Unamortized Premium and Debt Issuance Costs | 3,799 | 4,189 | ||
Net Value | $ 356,000 | $ 355,610 | ||
Senior Notes | 8.000% senior unsecured notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 800.00% | 800.00% | 8.00% | |
Principal | $ 1,000,000 | $ 750,000 | ||
Unamortized Premium and Debt Issuance Costs | 7,401 | 13,022 | ||
Net Value | $ 992,599 | $ 736,978 | ||
Senior Notes | 7.750% senior unsecured notes due 2028 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 775.00% | 775.00% | 7.75% | |
Principal | $ 720,975 | $ 720,975 | ||
Unamortized Premium and Debt Issuance Costs | 10,474 | 11,269 | ||
Net Value | $ 710,501 | $ 709,706 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Apr. 22, 2021USD ($) | Apr. 08, 2021USD ($)extension | Jan. 19, 2021USD ($) | Dec. 17, 2020USD ($) | Feb. 16, 2020USD ($) | Jan. 16, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||||
Amount borrowed | $ 3,374,943,000 | $ 3,374,943,000 | $ 3,431,302,000 | ||||||||
Loss on extinguishment of debt | 0 | $ 0 | 1,627,000 | $ 23,480,000 | |||||||
Repayment of senior unsecured notes | 80,859,000 | 820,713,000 | |||||||||
Cancelation of debt income | 0 | $ 18,532,000 | 0 | $ 19,725,000 | |||||||
Credit Facility | Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 950,000,000 | ||||||||||
Credit facility extension period | 1 year | ||||||||||
Credit facility, number of extensions | extension | 2 | ||||||||||
Maximum senior secured leverage ratio | 2.50 | ||||||||||
Minimum interest coverage ratio | 2.50 | ||||||||||
Credit Facility | Senior Secured Credit Facility | Through June 30, 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum consolidated leverage ratio | 5.85 | ||||||||||
Credit Facility | Senior Secured Credit Facility | Through March 31, 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum consolidated leverage ratio | 5.75 | ||||||||||
Credit Facility | Senior Secured Credit Facility | Thereafter | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum consolidated leverage ratio | 5.50 | ||||||||||
Credit Facility | Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issued | 300,000,000 | 300,000,000 | |||||||||
Amount borrowed | 300,000,000 | $ 300,000,000 | 0 | ||||||||
Credit Facility | Revolving Credit Facility | Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letter of credit, fee percentage | 3.75% | ||||||||||
Credit Facility | Revolving Credit Facility | Senior Secured Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letter of credit, fee percentage | 2.25% | ||||||||||
Credit Facility | Revolving Credit Facility | Senior Secured Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letter of credit, fee percentage | 3.75% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 650,000,000 | ||||||||||
Line of credit, unused capacity commitment fee percentage | 0.50% | ||||||||||
Credit facility, additional borrowing capacity | 200,000,000 | $ 200,000,000 | |||||||||
Credit facility, amount borrowed | 118,200,000 | 118,200,000 | |||||||||
Letters of credit, outstanding amount | 1,300,000 | 1,300,000 | |||||||||
Total amount available for borrowings under credit facility | 530,500,000 | 530,500,000 | |||||||||
Amount borrowed | 118,200,000 | 118,200,000 | 643,700,000 | ||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Petroleum Products | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, amount borrowed | 19,600,000 | $ 19,600,000 | |||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, unused capacity commitment fee percentage | 0.30% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, unused capacity commitment fee percentage | 0.50% | ||||||||||
Letters of credit, outstanding amount | $ 100,000,000 | $ 100,000,000 | |||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Federal Funds Effective Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Federal Funds Effective Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | LIBOR Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Eurodollar Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.75% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Eurodollar Rate | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Eurodollar Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.75% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Alternate Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Alternate Base Rate | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||||||
Credit Facility | Revolving Credit Facility | Revolving Loan | Alternate Base Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||||||
Credit Facility | Revolving Credit Facility | Term Loan | Eurodollar Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility fixed rate | 3.75% | 3.75% | |||||||||
Credit Facility | Revolving Credit Facility | Term Loan | Alternate Base Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility fixed rate | 2.75% | 2.75% | |||||||||
Senior Notes | Genesis Energy, LLC | Guarantor Subsidiary | Genesis Finance Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt co-issued guaranteed | $ 2,900,000,000 | $ 2,900,000,000 | |||||||||
Percentage of debt guaranteed | 100.00% | ||||||||||
Senior Notes | Genesis Energy, LLC | Subsidiary | Genesis NEJD Pipeline, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of debt guaranteed | 100.00% | ||||||||||
Senior Notes | 7.750% senior unsecured notes due 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issued | $ 750,000,000 | ||||||||||
Amount borrowed | $ 720,975,000 | $ 720,975,000 | $ 720,975,000 | ||||||||
Debt stated rate | 7.75% | 775.00% | 775.00% | 775.00% | |||||||
Proceeds from issuance of debt | $ 736,700,000 | ||||||||||
Senior Notes | 6.75% Percent Notes Due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt stated rate | 6.75% | ||||||||||
Proceeds used to repay unsecured debt principal | $ 222,100,000 | $ 554,800,000 | |||||||||
Loss on extinguishment of debt | $ 23,500,000 | ||||||||||
Senior Notes | 8.000% senior unsecured notes due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issued | $ 250,000,000 | $ 750,000,000 | |||||||||
Amount borrowed | $ 1,000,000,000 | $ 1,000,000,000 | $ 750,000,000 | ||||||||
Debt stated rate | 8.00% | 800.00% | 800.00% | 800.00% | |||||||
Proceeds from issuance of debt | $ 737,000,000 | ||||||||||
Debt premium percentage | 103.75% | ||||||||||
Senior Notes | 6.000% senior unsecured notes due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount borrowed | $ 0 | $ 0 | $ 80,859,000 | ||||||||
Debt stated rate | 6.00% | 600.00% | 600.00% | 600.00% | |||||||
Proceeds used to repay unsecured debt principal | $ 316,500,000 | ||||||||||
Loss on extinguishment of debt | $ 1,600,000 | ||||||||||
Repayment of senior unsecured notes | $ 80,900,000 |
Debt (Schedule of Principal Rep
Debt (Schedule of Principal Repayments of Term Loan) (Details) - Credit Facility - Term Loan $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
2021 | $ 15 |
2022 | 60 |
2023 | 100 |
2024 | 125 |
Due at the end of each calendar quarter starting December 31, 2021 until December 31, 2022 | |
Debt Instrument [Line Items] | |
Quarterly installment payments | 15 |
Due at the end of each calendar quarter until December 31, 2023, with the remaining balance due at maturity date on March 31, 2024 | |
Debt Instrument [Line Items] | |
Quarterly installment payments | $ 25 |
Partners' Capital, Mezzanine _3
Partners' Capital, Mezzanine Capital and Distributions (Common Cash Distributions Paid) (Details) - Common Unitholders - USD ($) $ / shares in Units, $ in Thousands | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 13, 2020 | May 15, 2020 |
Partners Capital And Distributions [Line Items] | ||||||
Date Paid | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | |
Per Unit Amount (in dollars per unit) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||
Total Amount | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | |
Subsequent Event | Forecast | ||||||
Partners Capital And Distributions [Line Items] | ||||||
Date Paid | Aug. 13, 2021 | |||||
Per Unit Amount (in dollars per unit) | $ 0.15 | |||||
Total Amount | $ 18,387 |
Partners' Capital, Mezzanine _4
Partners' Capital, Mezzanine Capital and Distributions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
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 | $ 37,368 | $ 37,368 | |
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 | $ 37,400 | $ 37,400 |
Partners' Capital, Mezzanine _5
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 | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 13, 2020 | May 15, 2020 |
Temporary Equity [Line Items] | ||||||
Date Paid | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | |
Per Unit Amount (in dollars per unit) | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | ||
Total Amount | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | |
Forecast | Subsequent Event | ||||||
Temporary Equity [Line Items] | ||||||
Date Paid | Aug. 13, 2021 | |||||
Per Unit Amount (in dollars per unit) | $ 0.7374 | |||||
Total Amount | $ 18,684 |
Partners' Capital, Mezzanine _6
Partners' Capital, Mezzanine Capital and Distributions (Redeemable Noncontrolling Interest - Narrative) (Details) - USD ($) | Apr. 14, 2020 | Sep. 23, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Redeemable Noncontrolling Interest [Line Items] | |||||||
Redeemable noncontrolling interest redemption value adjustments | $ 5,766,000 | $ 4,159,000 | $ 10,557,000 | $ 8,245,000 | |||
Redeemable noncontrolling interest redemption value adjustments allocated to PIK distributions | 8,955,000 | ||||||
Redemption accretion fair value adjustment | $ 1,602,000 | ||||||
Redeemable Noncontrolling Interest Preferred Units | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Number of preferred units outstanding (in units) | 201,705 | 201,705 | 141,249 | ||||
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 units) | 1,750 | 54,100 | |||||
Commitment period | 4 years | ||||||
Period for occurrence of triggering events | 6 years 6 months | ||||||
Redeemable noncontrolling interest redemption value adjustments | $ 5,800,000 | 4,200,000 | $ 10,600,000 | 8,200,000 | |||
Redeemable noncontrolling interest redemption value adjustments allocated to PIK distributions | 4,900,000 | 3,400,000 | 9,000,000 | 6,700,000 | |||
Redemption accretion fair value adjustment | 900,000 | $ 800,000 | 1,600,000 | $ 1,500,000 | |||
Redemption value of redeemable preferred noncontrolling interest | $ 248,900,000 | $ 248,900,000 | |||||
Subsidiary | Alkali Holdings | Redeemable Noncontrolling Interest Preferred Units | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Number of preferred units outstanding (in units) | 55,000 | 201,705 | 201,705 | ||||
Subsidiary | Alkali Holdings | Maximum | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Number of preferred units outstanding (in units) | 351,750 | ||||||
Redeemable noncontrolling interest preferred commitment | $ 351,750,000 | $ 350,000,000 |
Partners' Capital, Mezzanine _7
Partners' Capital, Mezzanine Capital and Distributions (Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Apr. 14, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Redeemable Noncontrolling Interest, Equity [Roll Forward] | |||||
Balance as of December 31, 2020 | $ 141,194 | ||||
Issuance of preferred units, net of issuance costs | 59,247 | ||||
PIK distribution | 8,955 | ||||
Redemption accretion | 1,602 | ||||
Tax distributions | (6,351) | ||||
Balance as of June 30, 2021 | $ 204,647 | 204,647 | |||
Subsidiary | Alkali Holdings | |||||
Redeemable Noncontrolling Interest, Equity [Roll Forward] | |||||
PIK distribution | 4,900 | $ 3,400 | 9,000 | $ 6,700 | |
Redemption accretion | $ 900 | $ 800 | $ 1,600 | $ 1,500 | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Equity preferred units issued to pay tax distributions (in units) | 6,356 | ||||
Equity preferred units issued (in units) | 1,750 | 54,100 |
Net Loss Per Common Unit (Detai
Net Loss Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Net Loss Attributable to Genesis Energy L.P. | $ (41,682) | $ (326,714) | $ (75,906) | $ (301,805) |
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | (18,684) | (18,684) | (37,368) | (37,368) |
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-BASIC | (60,366) | (345,398) | (113,274) | (339,173) |
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-DILUTED | $ (60,366) | $ (345,398) | $ (113,274) | $ (339,173) |
Basic Weighted Average Outstanding Units (in units) | 122,579,000 | 122,579,000 | 122,579,000 | 122,579,000 |
Dilutive Weighted Average Outstanding Units (in units) | 122,579,000 | 122,579,000 | 122,579,000 | 122,579,000 |
Basic Net Loss per Common Unit (in dollars per unit) | $ (0.49) | $ (2.82) | $ (0.92) | $ (2.77) |
Dilutive Net Loss per common unit (in dollars per unit) | $ (0.49) | $ (2.82) | $ (0.92) | $ (2.77) |
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 units) | 25,336,778 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Segment margin | $ 152,136 | $ 139,325 | $ 308,233 | $ 308,613 |
Total revenues | 503,855 | 388,467 | 1,025,074 | 928,390 |
Offshore Pipeline Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 73,221 | 64,964 | 137,605 | 143,393 |
Sodium Minerals & Sulfur Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 237,087 | 192,624 | 464,374 | 436,014 |
Onshore Facilities and Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 145,921 | 74,159 | 335,138 | 229,917 |
Marine Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 47,626 | 56,720 | 87,957 | 119,066 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 152,136 | 139,325 | 308,233 | 308,613 |
Capital expenditures | 113,625 | 39,767 | 148,004 | 71,158 |
Total revenues | 503,855 | 388,467 | 1,025,074 | 928,390 |
Operating Segments | Offshore Pipeline Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 83,106 | 75,148 | 167,375 | 160,394 |
Capital expenditures | 19,421 | 1,983 | 30,949 | 3,010 |
Total revenues | 73,221 | 64,964 | 137,605 | 143,393 |
Operating Segments | Sodium Minerals & Sulfur Services | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 38,194 | 24,824 | 81,914 | 61,765 |
Capital expenditures | 80,560 | 33,462 | 90,598 | 48,437 |
Total revenues | 239,258 | 194,543 | 468,564 | 440,078 |
Operating Segments | Onshore Facilities and Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 22,368 | 21,215 | 43,367 | 49,314 |
Capital expenditures | 2,487 | 829 | 3,586 | 1,986 |
Total revenues | 144,406 | 74,690 | 332,556 | 231,489 |
Operating Segments | Marine Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 8,468 | 18,138 | 15,577 | 37,140 |
Capital expenditures | 11,157 | 3,493 | 22,871 | 17,725 |
Total revenues | 46,970 | 54,270 | 86,349 | 113,430 |
Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment | Offshore Pipeline Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment | Sodium Minerals & Sulfur Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (2,171) | (1,919) | (4,190) | (4,064) |
Intersegment | Onshore Facilities and Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,515 | (531) | 2,582 | (1,572) |
Intersegment | Marine Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 656 | $ 2,450 | $ 1,608 | $ 5,636 |
Business Segment Information _2
Business Segment Information (Schedule of Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 5,963,487 | $ 5,933,619 |
Operating Segments | Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,152,939 | 2,187,083 |
Operating Segments | Sodium Minerals & Sulfur Services | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,041,083 | 1,962,146 |
Operating Segments | Onshore Facilities and Transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,011,805 | 1,035,662 |
Operating Segments | Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 710,870 | 711,058 |
Other assets | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 46,790 | $ 37,670 |
Business Segment Information (R
Business Segment Information (Reconciliation of Segment Margin to (Loss) Income from Continuing Operations) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | |||||
Total Segment Margin | $ 152,136,000 | $ 139,325,000 | $ 308,233,000 | $ 308,613,000 | |
Corporate general and administrative expenses | (12,359,000) | (24,867,000) | (23,511,000) | (31,359,000) | |
Depreciation, depletion, amortization and accretion | (69,684,000) | (82,580,000) | (138,681,000) | (158,558,000) | |
Interest expense | (59,169,000) | (51,618,000) | (116,998,000) | (106,583,000) | |
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income | (7,692,000) | (5,776,000) | (16,548,000) | (12,182,000) | |
Other non-cash items | (14,683,000) | (23,291,000) | (33,127,000) | 8,777,000 | |
Distribution from unrestricted subsidiaries not included in income | (17,500,000) | (2,294,000) | (35,000,000) | (4,532,000) | |
Cancelation of debt income | 0 | 18,532,000 | 0 | 19,725,000 | |
Loss on extinguishment of debt | 0 | 0 | (1,627,000) | (23,480,000) | |
Differences in timing of cash receipts for certain contractual arrangements | (6,446,000) | (11,638,000) | (6,745,000) | (16,128,000) | |
Impairment expense | 0 | (277,495,000) | 0 | (277,495,000) | |
Provision for leased items no longer in use | 6,000 | (58,000) | (598,000) | 72,000 | |
Redeemable noncontrolling interest redemption value adjustments | (5,766,000) | (4,159,000) | (10,557,000) | (8,245,000) | |
Income tax expense | (525,000) | (795,000) | (747,000) | (430,000) | |
NET LOSS ATTRIBUTABLE TO GENESIS ENERGY, L.P. | (41,682,000) | (326,714,000) | (75,906,000) | (301,805,000) | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Unrealized (losses) gains from valuation of embedded derivatives | (32,377,000) | 9,811,000 | |||
Distribution from unrestricted subsidiaries not included in income | 17,500,000 | 2,294,000 | 35,000,000 | 4,532,000 | |
Genesis NEJD Pipeline, LLC | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Cash receipts not included in income associated with principal payments of previously owned pipeline | 17,500,000 | 35,000,000 | |||
Embedded Derivative Financial Instruments | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Unrealized (losses) gains from valuation of embedded derivatives | $ (14,300,000) | $ (21,800,000) | $ 32,500,000 | $ (32,800,000) | $ 10,700,000 |
Transactions with Related Par_3
Transactions with Related Parties (Schedule of Transactions with Related Parties) (Details) - Affiliated Entity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CEO | ||||
Related Party Transaction [Line Items] | ||||
Costs and expenses | $ 165 | $ 165 | $ 330 | $ 330 |
Poseidon | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 3,242 | 3,035 | 7,028 | 6,182 |
Costs and expenses | $ 238 | 249 | $ 478 | 503 |
Equity method investment, ownership percentage | 64.00% | 64.00% | ||
ANSAC | ||||
Related Party Transaction [Line Items] | ||||
Revenues | $ 71,329 | 48,695 | $ 139,284 | 121,774 |
Costs and expenses | $ 519 | $ 629 | $ 697 | $ 1,461 |
Transactions with Related Par_4
Transactions with Related Parties (Narrative) (Details) - Affiliated Entity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Poseidon | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | $ 3,242 | $ 3,035 | $ 7,028 | $ 6,182 | |
Due from related parties | 2,900 | 2,900 | $ 2,600 | ||
Related party transaction, costs and expenses | 238 | 249 | 478 | 503 | |
Poseidon | Asset Management Arrangement | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | 2,400 | 2,300 | 4,700 | 4,600 | |
ANSAC | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | 71,329 | 48,695 | 139,284 | 121,774 | |
Due from related parties | 66,178 | 66,178 | $ 43,400 | ||
Related party transaction, costs and expenses | $ 519 | $ 629 | $ 697 | $ 1,461 |
Transactions with Related Par_5
Transactions with Related Parties (ANSAC) (Details) - ANSAC - Affiliated Entity - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Receivables | $ 66,178 | $ 43,400 |
Payables | $ 169 | $ 470 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Net Changes in Components of Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
(Increase) decrease in: | ||
Accounts receivable | $ (77,785) | $ 178,509 |
Inventories | 21,550 | (44,394) |
Deferred charges | 9,823 | 9,240 |
Other current assets | (4,835) | (9,919) |
Increase (decrease) in: | ||
Accounts payable | 49,809 | (93,080) |
Accrued liabilities | 32,710 | (20,838) |
Net changes in components of operating assets and liabilities | $ 31,272 | $ 19,518 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payments of interest and commitment fees | $ 78 | $ 97.8 |
Interest paid, capitalized | 1.4 | 1 |
Incurred liabilities for fixed and intangible asset additions | $ 71.5 | $ 25.5 |
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 | 6 Months Ended |
Jun. 30, 2021MMBTU$ / bbl$ / MMBTUbbl | |
Designated as hedges under accounting rules | Sell (Short) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 92 |
Weighted average contract price | $ / bbl | 70.71 |
Designated as hedges under accounting rules | Buy (Long) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 0 |
Weighted average contract price | $ / bbl | 0 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 204 |
Weighted average contract price | $ / bbl | 70.75 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 15 |
Weighted average contract price | $ / MMBTU | 3.55 |
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Options | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 8 |
Weighted average premium received/paid | $ / bbl | 5.59 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 10 |
Weighted average contract price | $ / bbl | 72.66 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Natural Gas | |
Derivative [Line Items] | |
Contract volume (MMBTU) | MMBTU | 15 |
Weighted average contract price | $ / MMBTU | 3.14 |
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Options | Crude Oil | |
Derivative [Line Items] | |
Contract volumes (bbls) | bbl | 0 |
Weighted average premium received/paid | $ / bbl | 0 |
Derivatives (Schedule of Fair V
Derivatives (Schedule of Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | $ (85,200) | |
Preferred Distribution Rate Reset Election | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | (85,154) | $ (52,372) |
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 | 65 | 732 |
Derivative Asset, Fair Value, Gross Liability | (65) | (732) |
Asset Derivatives | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (605) | (2,114) |
Derivative Liability, Fair Value, Gross Asset | 605 | 2,114 |
Liability Derivatives | 0 | 0 |
Not qualifying or not designated as hedges under accounting rules | Swaps | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 616 |
Designated as hedges under accounting rules | Commodity Derivatives | Current Assets - Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 13 | 1,022 |
Derivative Asset, Fair Value, Gross Liability | (13) | (1,022) |
Asset Derivatives | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (267) | (3,345) |
Derivative Liability, Fair Value, Gross Asset | 267 | 3,073 |
Liability Derivatives | $ 0 | $ (272) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | Sep. 01, 2022 | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)derivative | Dec. 31, 2020USD ($) |
Derivatives, Fair Value [Line Items] | ||||
Net broker receivable | $ 1,500,000 | $ 3,400,000 | ||
Initial margin | 1,500,000 | $ 3,300,000 | ||
Variation margin | $ 100,000 | 0 | ||
Embedded derivative liability | $ 85,200,000 | |||
Natural Gas | Contracts not considered hedges under accounting guidance | Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Number of outstanding swap contracts | derivative | 0 | |||
Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Period to notify holders | 30 days | |||
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
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 | $ (3,342) | $ (13,578) | $ (13,160) | $ (14,224) |
Natural Gas Swap | 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 | 30 | 983 | (37) | 551 |
Preferred Distribution Rate Reset Election | Other income (expense) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | (14,344) | (21,839) | (32,782) | 10,706 |
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 | (1,563) | (10,936) | (7,460) | (10,207) |
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 | $ (1,779) | $ (2,642) | $ (5,700) | $ (4,017) |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Level 1 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | $ 78 | $ 1,754 |
Liabilities Fair Value | (872) | (5,459) |
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 | Swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | 0 | 616 |
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 | $ (85,154) | $ (52,372) |
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 | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Balance as of December 31, 2020 | $ (52,372) |
Unrealized loss for the period included in earnings | (32,782) |
Balance as of June 30, 2021 | $ (85,154) |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Unrealized (losses) gains from valuation of embedded derivatives | $ (32,377) | $ 9,811 | ||||
Carrying value of senior unsecured notes | $ 2,927,489 | 2,927,489 | $ 2,750,016 | |||
Fair value of senior unsecured notes | 3,000,000 | 3,000,000 | $ 2,700,000 | |||
Embedded Derivative Financial Instruments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Unrealized (losses) gains from valuation of embedded derivatives | $ (14,300) | $ (21,800) | $ 32,500 | $ (32,800) | $ 10,700 | |
Equity Volatility | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Embedded derivative liability, measurement input | 0.50 | 0.50 |