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Genesis Energy, L.P. Reports Record Fourth Quarter And Full Year 2012 Results

Stocks in this article: GEL

Annual amounts for revenues and cost of sales for 2012 include corrections to previously reported quarterly amounts for each of the first three quarters of 2012. These corrections were made to present certain sales transactions on a gross basis that previously had been recorded on a net basis. Amounts as reported and as adjusted are reflected in the table below. The corrections had no effect on previously reported operating income, net income, Segment Margin, Adjusted EBITDA or Available Cash before Reserves. There was no impact on prior years results.

     
Three Months Ended
March 31,     June 30,     September 30,
2012 2012 2012
AS REPORTED:
REVENUES $ 932,943 $ 922,668 $ 942,334
COST OF SALES $ 881,842 $ 869,202 $ 888,003
OPERATING INCOME $ 26,730 $ 27,669 $ 29,118
 
AS ADJUSTED:
REVENUES $ 960,717 $ 1,013,431 $ 1,041,837
COST OF SALES $ 909,616 $ 959,965 $ 987,506
OPERATING INCOME $ 26,730 $ 27,669 $ 29,118
 
 
GENESIS ENERGY, L.P.
OPERATING DATA - UNAUDITED
             
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012     2011
Pipeline Transportation Segment
Onshore crude oil pipelines (barrels/day):
Texas 56,506 42,701 51,880 45,183
Jay 29,380 18,238 22,306 16,900
Mississippi 19,707 19,874 18,711 20,629
Onshore crude oil pipelines total 105,593 80,813 92,897 82,712
Offshore crude oil pipelines (barrels/day):
CHOPS (1) 149,818 110,053 96,664 120,723
Poseidon (1) (2) 225,607 211,375
Odyssey (1) (2) 36,641 36,157
GOPL (2) 9,863 15,191
Offshore crude oil pipelines total 421,929 110,053 359,387 120,723
CO2 pipeline (Mcf/day)
Free State 213,138 180,823 186,479 169,962
 
Refinery Services Segment
NaHS (dry short tons sold) 35,391 40,961 142,712 147,670
NaOH (caustic soda dry short tons sold) 20,752 25,413 77,492 99,702
 
Supply and Logistics Segment
Crude oil and petroleum products sales (barrels/day) 101,803 68,881 94,043 71,043
 
(1) Volumes for our equity method investees are presented on a 100% basis.
(2) Acquired in January 2012.
 
 
GENESIS ENERGY, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(in thousands, except number of units)

 
      December 31,     December 31,
2012 2011
ASSETS
Cash and cash equivalents $ 11,282 $ 10,817
Accounts receivable - trade, net 270,925 237,989
Inventories 87,050 101,124
Other current assets   34,777   26,174
Total current assets 404,034 376,104
Fixed assets, net 565,281 416,925
Investment in direct financing leases, net 157,385 162,460
Equity investees 549,235 326,947
Intangible assets, net 75,065 93,356
Goodwill 325,046 325,046
Other assets, net   33,618   30,006
Total assets $ 2,109,664 $ 1,730,844
LIABILITIES AND PARTNERS’ CAPITAL
Accounts payable - trade $ 258,053 $ 199,357
Accrued liabilities   54,598   50,071
Total current liabilities 312,651 249,428
Senior secured credit facility 500,000 409,300
Senior unsecured notes 350,895 250,000
Deferred tax liabilities 13,810 12,549
Other long-term liabilities 15,813 16,929
Partners' capital:
Common unitholders   916,495   792,638
Total liabilities and partners' capital $ 2,109,664 $ 1,730,844
 
Units Data:
Total common units outstanding   81,202,752   71,965,062
 
 
GENESIS ENERGY, L.P.
RECONCILIATION OF SEGMENT MARGIN TO INCOME BEFORE INCOME TAXES - UNAUDITED

(in thousands)

 
      Three Months Ended     Year Ended
December 31, December 31,
2012     2011 2012     2011
Segment margin $ 73,321 $ 52,742 $ 262,333 $ 202,501
Corporate general and administrative expenses (11,615 ) (8,417 ) (38,374 ) (31,685 )

Non-cash items included in general and administrative costs

175 317 1,500 (72 )
Cash expenditures not included in Adjusted EBITDA 663 847 1,679 4,376
Cash expenditures not included in net income   (794 )   (210 )   (3,383 )   (2,476 )
Adjusted EBITDA 61,750 45,279 223,755 172,644
Depreciation and amortization (15,719 ) (19,090 ) (61,166 ) (62,190 )
Interest expense, net (10,224 ) (9,097 ) (40,921 ) (35,767 )

Cash expenditures not included in Adjusted EBITDA or net income

131 (637 ) 1,704 (1,900 )

Adjustment to exclude distributions from equity investees and include equity in investees net income

(5,366 ) (4,756 ) (24,464 ) (16,681 )
Non-cash compensation charges (988 ) (998 ) (4,978 ) (311 )
Other non-cash items   (3,261 )   (4,771 )   (6,816 )   (5,763 )
Income before income taxes $ 26,323   $ 5,930   $ 87,114   $ 50,032  
 
 
GENESIS ENERGY, L.P.
ADJUSTED DEBT-TO-PRO FORMA EBITDA RATIO - UNAUDITED

(in thousands)

 
      December 31, 2012
Senior secured credit facility $ 500,000
Senior unsecured notes (excluding unamortized premium of $895) 350,000
Less: Outstanding inventory financing sublimit borrowings (63,900 )
Less: Cash and cash equivalents   (11,282 )
Adjusted Debt (1) $ 774,818  
 
Pro Forma LTM (2)
  December 31, 2012
Adjusted EBITDA (as reported)
1st Quarter 2012 $ 51,124
2nd Quarter 2012 54,259
3rd Quarter 2012 56,622
4th Quarter 2012   61,750  
LTM Adjusted EBITDA 223,755
Acquisitions and material projects EBITDA adjustment (3)   18,089  
Pro Forma EBITDA $ 241,844  
 
Adjusted Debt-to-Pro Forma EBITDA 3.20x
 

(1) We define Adjusted Debt as the amounts outstanding under our senior secured credit facility and senior unsecured notes (excluding any unamortized premiums or discounts), less the amount outstanding under our inventory financing sublimit, less cash and cash equivalents on hand at the end of the period.

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