Delaware
(State
or other jurisdictions of
incorporation
or organization)
|
76-0513049
(I.R.S.
Employer
Identification
No.)
|
|
500
Dallas, Suite 2500, Houston, TX
(Address
of principal executive offices)
|
77002
(Zip
code)
|
Registrant's
telephone number, including area code:
|
(713)
860-2500
|
Large
accelerated filer_____
|
Accelerated
filer ü
|
Non-accelerated
filer_____
|
GENESIS
ENERGY, L.P.
|
|||||||
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
|||||||
(In
thousands)
|
|||||||
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
ASSETS
|
|||||||
CURRENT
ASSETS:
|
|||||||
Cash
and cash equivalents
|
$
|
2,920
|
$
|
2,318
|
|||
Accounts
receivable:
|
|||||||
Trade
|
86,935
|
88,006
|
|||||
Related Party
|
1,069
|
1,100
|
|||||
Inventories
|
8,759
|
5,172
|
|||||
Net
investment in direct financing leases, net of unearned income -
current
portion - related party
|
578
|
568
|
|||||
Other
|
2,020
|
2,828
|
|||||
Total
current assets
|
102,281
|
99,992
|
|||||
FIXED
ASSETS, at cost
|
70,697
|
70,382
|
|||||
Less:
Accumulated depreciation
|
(39,984
|
)
|
(39,066
|
)
|
|||
Net
fixed assets
|
30,713
|
31,316
|
|||||
NET
INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income -
related
party
|
5,225
|
5,373
|
|||||
CO2
ASSETS, net of amortization
|
32,434
|
33,404
|
|||||
JOINT
VENTURES AND OTHER INVESTMENTS
|
17,853
|
18,226
|
|||||
OTHER
ASSETS, net of amortization
|
3,223
|
2,776
|
|||||
TOTAL
ASSETS
|
$
|
191,729
|
$
|
191,087
|
|||
LIABILITIES
AND PARTNERS' CAPITAL
|
|||||||
CURRENT
LIABILITIES:
|
|||||||
Accounts
payable:
|
|||||||
Trade
|
$
|
86,747
|
$
|
85,063
|
|||
Related party
|
1,188
|
1,629
|
|||||
Accrued
liabilities
|
7,800
|
9,220
|
|||||
Total
current liabilities
|
95,735
|
95,912
|
|||||
LONG-TERM
DEBT
|
10,200
|
8,000
|
|||||
OTHER
LONG-TERM LIABILITIES
|
979
|
991
|
|||||
COMMITMENTS
AND CONTINGENCIES (Note 11)
|
|||||||
MINORITY
INTERESTS
|
522
|
522
|
|||||
PARTNERS'
CAPITAL:
|
|||||||
Common
unitholders, 13,784 units issued and outstanding
|
82,542
|
83,884
|
|||||
General
partner
|
1,751
|
1,778
|
|||||
Total
partners' capital
|
84,293
|
85,662
|
|||||
TOTAL
LIABILITIES AND PARTNERS' CAPITAL
|
$
|
191,729
|
$
|
191,087
|
|||
The
accompanying notes are an integral part of these consolidated financial
statements.
|
|||||||
GENESIS
ENERGY, L.P.
|
|||||||
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||
(In
thousands, except per unit amounts)
|
|||||||
|
|
|
Three
Months Ended March 31,
|
||||
2007
|
2006
|
||||||
REVENUES:
|
|||||||
Crude
oil gathering and marketing:
|
|||||||
Unrelated parties (including revenues from buy/sell arrangements
of
$69,772 in 2006)
|
$
|
172,843
|
$
|
252,261
|
|||
Related parties
|
436
|
184
|
|||||
Pipeline
transportation, including natural gas sales:
|
|||||||
Unrelated parties
|
5,447
|
6,590
|
|||||
Related parties
|
1,341
|
1,180
|
|||||
CO2
marketing revenues:
|
|||||||
Unrelated parties
|
2,867
|
3,387
|
|||||
Related parties
|
630
|
-
|
|||||
Total
revenues
|
183,564
|
263,602
|
|||||
COSTS
AND EXPENSES:
|
|||||||
Crude
oil costs:
|
|||||||
Unrelated parties (including costs from buy/sell arrangements of
$68,899
in 2006)
|
167,711
|
245,912
|
|||||
Related parties
|
11
|
1,460
|
|||||
Field
operating costs
|
3,958
|
3,345
|
|||||
Pipeline
transportation costs:
|
|||||||
Pipeline operating costs
|
2,685
|
2,269
|
|||||
Natural gas purchases
|
1,235
|
2,699
|
|||||
CO2
marketing costs:
|
|||||||
Transportation costs - related party
|
1,098
|
1,021
|
|||||
Other costs
|
46
|
52
|
|||||
General
and administrative
|
3,328
|
2,660
|
|||||
Depreciation
and amortization
|
1,928
|
1,864
|
|||||
Net
gain on disposal of surplus assets
|
(16
|
)
|
(50
|
)
|
|||
Total
costs and expenses
|
181,984
|
261,232
|
|||||
OPERATING
INCOME
|
1,580
|
2,370
|
|||||
OTHER
INCOME (EXPENSE):
|
|||||||
Equity
in earnings of joint ventures
|
261
|
313
|
|||||
Interest
income
|
44
|
78
|
|||||
Interest
expense
|
(270
|
)
|
(200
|
)
|
|||
Income
tax expense
|
(30
|
)
|
-
|
||||
Income
before cmulative effect adjustment
|
1,585
|
2,561
|
|||||
Cumulative
effect adjustment of adoption of new accounting principle
|
-
|
30
|
|||||
NET
INCOME
|
$
|
1,585
|
$
|
2,591
|
|||
GENESIS
ENERGY, L.P.
|
|||||||
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS - CONTINUED
|
|||||||
(In
thousands, except per unit amounts)
|
|||||||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
NET
INCOME PER COMMON UNIT - BASIC AND DILUTED:
|
|||||||
Income
before cumulative effect adjustment
|
$
|
0.11
|
$
|
0.18
|
|||
Cumulative
effect adjustment
|
-
|
-
|
|||||
NET
INCOME
|
$
|
0.11
|
$
|
0.18
|
|||
Weighted
average number of common units outstanding
|
13,784
|
13,784
|
|||||
The
accompanying notes are an integral part of these unaudited consolidated
financial statements.
|
GENESIS
ENERGY, L.P.
|
|||||||||||||
UNAUDITED
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL
|
|||||||||||||
(In
thousands)
|
|||||||||||||
Partners'
Capital
|
|||||||||||||
Number
of
|
|
|
|
|
|
|
|
||||||
|
|
Common
|
|
Common
|
|
General
|
|
|
|
||||
|
|
Units
|
|
Unitholders
|
|
Partner
|
|
Total
|
|||||
Partners'
capital, January 1, 2007
|
13,784
|
$
|
83,884
|
$
|
1,778
|
$
|
85,662
|
||||||
Net
income
|
-
|
1,553
|
32
|
1,585
|
|||||||||
Cash
distributions
|
-
|
(2,895
|
)
|
(59
|
)
|
(2,954
|
)
|
||||||
Partners'
capital, March 31, 2007
|
13,784
|
$
|
82,542
|
$
|
1,751
|
$
|
84,293
|
||||||
The
accompanying notes are an integral part of these unaudited consolidated
financial statements.
|
GENESIS
ENERGY, L.P.
|
|||||||
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(In
thousands)
|
|||||||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|||||
Net
income
|
$
|
1,585
|
$
|
2,591
|
|||
Adjustments
to reconcile net income to net cash provided by operating activities
-
|
|
|
|||||
Depreciation
|
958
|
909
|
|||||
Amortization of CO2
contracts
|
970
|
955
|
|||||
Amortization of credit facility issuance costs
|
136
|
92
|
|||||
Amortization of unearned income on direct financing leases
|
(159
|
)
|
(168
|
)
|
|||
Payments received under direct financing leases
|
297
|
297
|
|||||
Equity in earnings of investments in joint ventures
|
(261
|
)
|
(313
|
)
|
|||
Distributions from joint ventures - return on investment
|
424
|
235
|
|||||
Gain on disposal of assets
|
(16
|
)
|
(50
|
)
|
|||
Cumulative effect adjustment
|
-
|
(30
|
)
|
||||
Other non-cash charges
|
387
|
401
|
|||||
Changes in components of working capital -
|
|
|
|||||
Accounts receivable
|
1,102
|
(4,334
|
)
|
||||
Inventories
|
(3,562
|
)
|
(6,901
|
)
|
|||
Other current assets
|
808
|
354
|
|||||
Accounts payable
|
878
|
4,666
|
|||||
Accrued liabilities
|
(1,810
|
)
|
(1,001
|
)
|
|||
Net
cash provided by (used in) operating activities
|
1,737
|
(2,297
|
)
|
||||
|
|
|
|||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|||||
Additions to property and equipment
|
(365
|
)
|
(163
|
)
|
|||
Distributions from joint ventures - return of investment
|
227
|
-
|
|||||
Proceeds from disposal of assets
|
16
|
67
|
|||||
Other, net
|
(90
|
)
|
(32
|
)
|
|||
Net
cash used in investing activities
|
(212
|
)
|
(128
|
)
|
|||
|
|
|
|||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|||||
Bank borrowings, net
|
2,200
|
2,600
|
|||||
Other, net
|
(169
|
)
|
(501
|
)
|
|||
Distributions to common unitholders
|
(2,895
|
)
|
(2,343
|
)
|
|||
Distributions to general partner
|
(59
|
)
|
(48
|
)
|
|||
Net
cash used in financing activities
|
(923
|
)
|
(292
|
)
|
|||
|
|
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
602
|
(2,717
|
)
|
||||
Cash
and cash equivalents at beginning of period
|
2,318
|
3,099
|
|||||
|
|
|
|||||
Cash
and cash equivalents at end of period
|
$
|
2,920
|
$
|
382
|
|||
The
accompanying notes are an integral part of these unaudited consolidated
financial statements.
|
Three
Months Ended
|
Three
Months Ended
|
||||||
March
31, 2007
|
March
31, 2006
|
||||||
Revenues
|
$
|
1,254
|
$
|
1,246
|
|||
Operating
expenses and depreciation
|
(432
|
)
|
(447
|
)
|
|||
Other
income (expense)
|
(4
|
)
|
3
|
||||
Net
income
|
$
|
818
|
$
|
802
|
|||
|
March
31, 2007
|
December
31, 2006
|
|||||
Current
assets
|
$
|
1,356
|
$
|
1,355
|
|||
Non-current
assets
|
15,128
|
15,387
|
|||||
Total
assets
|
$
|
16,484
|
$
|
16,742
|
|||
Current
liabilities
|
$
|
258
|
$
|
156
|
|||
Non-current
liabilties
|
169
|
165
|
|||||
Partners'
capital
|
16,057
|
16,421
|
|||||
Total
liabilites and partners' capital
|
$
|
16,484
|
$
|
16,742
|
|||
Three
Months Ended
|
||||
March
31, 2007
|
||||
Revenues
|
$
|
2,448
|
||
Operating
expenses and depreciation
|
(2,429
|
)
|
||
Other
income
|
1
|
|||
Net
income
|
$
|
20
|
||
March
31, 2007
|
December
31, 2006
|
||||||
Current
assets
|
$
|
1,365
|
$
|
1,606
|
|||
Non-current
assets
|
6,438
|
6,592
|
|||||
Total
assets
|
$
|
7,803
|
$
|
8,198
|
|||
Current
liabilities
|
$
|
825
|
$
|
1,463
|
|||
Non-current
liabilties
|
4,483
|
4,140
|
|||||
Members'
interests
|
2,495
|
2,595
|
|||||
Total
liabilites and members' interests
|
$
|
7,803
|
$
|
8,198
|
|||
·
|
The
interest rate on borrowings may be based on the prime rate or the
LIBOR
rate, at our option. The interest rate on prime rate loans can range
from
the prime rate plus 0.50% to the prime rate plus 1.875%. The interest
rate
for LIBOR-based loans can range from the LIBOR rate plus 1.50% to
the
LIBOR rate plus 2.875%. The rate is based on our leverage ratio as
computed under the credit facility. The rate can fluctuate
quarterly.
|
·
|
Letter
of credit fees will range from 1.50% to 2.875% based on our leverage
ratio
as computed under the credit facility. The rate can fluctuate quarterly.
At March 31, 2007, the rate was
1.50%.
|
·
|
We
pay a commitment fee on the unused portion of the $125 million commitment.
The commitment fee will range from 0.30% to 0.50% based on our leverage
ratio as computed under the credit facility. The rate can fluctuate
quarterly. At March 31, 2007, the commitment fee rate was
0.30%.
|
·
|
Collateral
under the credit facility consists of substantially all our assets.
Our
general partner is jointly and severally liable for all of our obligations
unless and except to the extent those obligations provide that they
are
non-recourse to our general partner. Our credit facility expressly
provides that it is non-recourse to our general partner (except to
the
extent of its pledge of its general partner interest in certain of
our
subsidiaries) and Denbury and its other
subsidiaries.
|
Actual
|
||||
Ratio
as of
|
||||
Minimum
|
March
31,
|
|||
Financial
Covenant
|
Ratio
|
2007
|
||
Debt
Service Coverage Ratio
|
3.0
to 1.0
|
21.5
to 1.0
|
||
Leverage
Ratio
|
5.5
to 1.0
|
0.7
to 1.0
|
||
Funded
Indebtedness Ratio
|
0.65
to 1.0
|
0.15
to 1.0
|
Limited
|
General
|
|||||||||||||||
Partner
|
Partner
|
|||||||||||||||
Per
Unit
|
Interests
|
Interest
|
Total
|
|||||||||||||
Distribution
For
|
Date
Paid
|
Amount
|
Amount
|
Amount
|
Amount
|
|||||||||||
(in
thousands)
|
||||||||||||||||
Fourth
quarter 2005
|
February
2006
|
$
|
0.17
|
$
|
2,343
|
$
|
48
|
$
|
2,391
|
|||||||
First
quarter 2006
|
May
2006
|
$
|
0.18
|
$
|
2,481
|
$
|
51
|
$
|
2,532
|
|||||||
Second
quarter 2006
|
August
2006
|
$
|
0.19
|
$
|
2,619
|
$
|
53
|
$
|
2,672
|
|||||||
Third
quarter 2006
|
November
2006
|
$
|
0.20
|
$
|
2,757
|
$
|
56
|
$
|
2,813
|
|||||||
Fourth
quarter 2006
|
February
2007
|
$
|
0.21
|
$
|
2,895
|
$
|
59
|
$
|
2,954
|
|||||||
First
quarter 2007
|
May
2007
|
$
|
0.22
|
$
|
3,032
|
$
|
62
|
$
|
3,094
|
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands, except per unit amounts)
|
|||||||
Numerators
for basic and diluted net income
|
|||||||
per
common unit:
|
|||||||
Income from continuing operations
|
$
|
1,585
|
$
|
2,561
|
|||
Less general partner 2% ownership
|
32
|
51
|
|||||
Income from continuing operations
|
|||||||
available for common unitholders
|
$
|
1,553
|
$
|
2,510
|
|||
Income from cumulative effect adjustment
|
$
|
-
|
$
|
30
|
|||
Less general partner 2% ownership
|
-
|
1
|
|||||
Income from cumulative effect adjustment
|
|||||||
available for common unitholders
|
$
|
-
|
$
|
29
|
|||
Denominator
for basic and diluted per common unit -
|
|||||||
weighted
average number of common units
|
|||||||
outstanding
|
13,784
|
13,784
|
|||||
Basic
and diluted net income per common unit:
|
|||||||
Income from continuing operations
|
$
|
0.11
|
$
|
0.18
|
|||
Loss from cumulative effect adjustment
|
-
|
-
|
|||||
Net income
|
$
|
0.11
|
$
|
0.18
|
|||
Crude
Oil
|
|||||||||||||
Pipeline
|
Industrial
|
Gathering
&
|
|||||||||||
Transportation
|
Gases
(a)
|
Marketing
|
Total
|
||||||||||
(in
thousands)
|
|||||||||||||
Three
Months Ended March 31, 2007
|
|||||||||||||
Segment
margin excluding
|
|||||||||||||
depreciation and amortization (b)
|
$
|
2,868
|
$
|
2,614
|
$
|
1,599
|
$
|
7,081
|
|||||
Capital
expenditures
|
$
|
293
|
$
|
-
|
$
|
93
|
$
|
386
|
|||||
Maintenance
capital
|
|||||||||||||
expenditures
|
$
|
222
|
$
|
-
|
$
|
93
|
$
|
315
|
|||||
Net
fixed and other long-term
|
|||||||||||||
assets (c)
|
$
|
31,478
|
$
|
50,287
|
$
|
7,683
|
$
|
89,448
|
|||||
Revenues:
|
|||||||||||||
External
customers
|
$
|
5,660
|
$
|
3,497
|
$
|
173,279
|
$
|
182,436
|
|||||
Intersegment
(d)
|
1,128
|
-
|
-
|
1,128
|
|||||||||
Total
revenues of reportable segments
|
$
|
6,788
|
$
|
3,497
|
$
|
173,279
|
$
|
183,564
|
|||||
Three
Months Ended March 31, 2006
|
|||||||||||||
Segment
margin excluding
|
|||||||||||||
depreciation and amortization (b)
|
$
|
2,802
|
$
|
2,627
|
$
|
1,728
|
$
|
7,157
|
|||||
Capital
expenditures
|
$
|
166
|
$
|
-
|
$
|
121
|
$
|
287
|
|||||
Maintenance
capital
|
|||||||||||||
expenditures
|
$
|
98
|
$
|
-
|
$
|
121
|
$
|
219
|
|||||
Net
fixed and other long-term
|
|||||||||||||
assets
(c)
|
$
|
33,957
|
$
|
49,814
|
$
|
5,839
|
$
|
89,610
|
|||||
Revenues:
|
|||||||||||||
External
customers
|
$
|
7,098
|
$
|
3,387
|
$
|
252,445
|
$
|
262,930
|
|||||
Intersegment
(d)
|
672
|
-
|
-
|
672
|
|||||||||
Total
revenues of reportable segments
|
$
|
7,770
|
$
|
3,387
|
$
|
252,445
|
$
|
263,602
|
|||||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Segment
margin excluding depreciation and
|
|||||||
amortization
|
$
|
7,081
|
$
|
7,157
|
|||
General
and administrative expenses
|
(3,328
|
)
|
(2,660
|
)
|
|||
Depreciation
and amortization expense
|
(1,928
|
)
|
(1,864
|
)
|
|||
Net
gain on disposal of surplus assets
|
16
|
50
|
|||||
Interest
expense, net
|
(226
|
)
|
(122
|
)
|
|||
Income
tax expense
|
(30
|
)
|
-
|
||||
Income
before cumulative effect adjustment
|
$
|
1,585
|
$
|
2,561
|
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Truck
transportation services provided to Denbury
|
$
|
436
|
$
|
184
|
|||
Pipeline
transportation services provided to Denbury
|
$
|
1,224
|
$
|
993
|
|||
Payments
received under direct financing leases from
|
|||||||
Denbury
|
$
|
297
|
$
|
297
|
|||
Pipeline
transportation income portion of direct financing
|
|||||||
lease fees
|
$
|
158
|
$
|
167
|
|||
Pipeline
monitoring services provided to Denbury
|
$
|
30
|
$
|
15
|
|||
Directors'
fees paid to Denbury
|
$
|
30
|
$
|
30
|
|||
CO2
transportation services provided by Denbury
|
$
|
1,128
|
$
|
1,021
|
|||
Crude
oil purchases from Denbury
|
$
|
11
|
$
|
1,460
|
|||
Operations,
general and administrative services provided
|
|||||||
by our general partner
|
$
|
6,071
|
$
|
4,893
|
|||
Distributions
to our general partner on its limited partner
|
|||||||
units and general partner interest
|
$
|
273
|
$
|
221
|
|||
Sales
of CO2
to
Sandhill
|
$
|
630
|
$
|
-
|
|||
Stock
Appreciation Rights
|
Rights
|
Weighted
Average Exercise Price
|
Weighted
Average Contractual Remaining Term (Yrs)
|
Aggregate
Intrinsic Value
|
||||
(in
thousands)
|
||||||||
Outstanding
at January 1, 2007
|
659,010
|
$
12.79
|
||||||
Granted
during 2007
|
15,987
|
$
21.30
|
||||||
Exercised
during 2007
|
(38,335)
|
$
9.35
|
||||||
Forfeited
or expired during 2007
|
(22,858)
|
$
12.80
|
||||||
Outstanding
at March 31, 2007
|
613,804
|
$
13.17
|
8.2
|
$
3,034
|
||||
Exercisable
at March 31, 2007
|
198,072
|
$
10.79
|
7.2
|
$
2,123
|
||||
·
|
Pending
Acquisitions
|
·
|
Overview
|
·
|
Results
of Operations
|
·
|
Liquidity
and Capital Resources
|
·
|
Commitments
and Off-Balance Sheet Arrangements
|
·
|
Other
Matters
|
·
|
New
Accounting Pronouncements
|
·
|
Refinery
services business - The refinery service business operates as a
third-party contractor to provide the service of processing sour
gas
streams to remove sulfur at more than a dozen refining operations,
located
primarily in Louisiana, Texas and
Arkansas.
|
·
|
Petroleum
products marketing business - The wholesale marketing of petroleum
products business sells a variety of petroleum products to paper
mills,
utilities and other customers for use as fuels in their operations.
This
business has been operated under the name Davison Petroleum
Products.
|
·
|
Terminal
business - The terminal business operates terminals for the storage
and
blending of refined petroleum products in north Louisiana and Mississippi.
Each of the terminals is connected to multiple transportation modes.
This
business has been operated under the names Davison Terminal Services,
Sunshine Oil and Red River
Terminals.
|
·
|
Trucking
business - The trucking business operates a fleet of approximately
250
tractors and over 500 trailers under the name Davison Transport.
The
fleet, in addition to third-party carriage, supports the operations
of the
refinery services, petroleum products marketing and terminal
businesses.
|
·
|
Fuel
procurement business - The fuel procurement business provides fuel
procurement and delivery logistics management services to wholesale
and
retail customers in more than 35 states nationwide.
|
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Pipeline
transportation
|
$
|
2,868
|
$
|
2,802
|
|||
Industrial
gases
|
2,614
|
2,627
|
|||||
Crude
oil gathering and marketing
|
1,599
|
1,728
|
|||||
Total
segment margin
|
$
|
7,081
|
$
|
7,157
|
|||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Crude
oil tariffs and revenues from direct financing leases of crude
oil
pipelines
|
$
|
3,536
|
$
|
3,333
|
|||
Sales
of crude oil pipeline loss allowance volumes
|
1,699
|
1,318
|
|||||
Revenues
from direct financing leases of CO2
pipelines
|
82
|
87
|
|||||
Tank
rental reimbursements and other miscellaneous revenues
|
163
|
144
|
|||||
Total
revenues from crude oil and CO2
tariffs, including revenues from direct financing leases
|
5,480
|
4,882
|
|||||
Revenues
from natural gas tariffs and sales
|
1,308
|
2,888
|
|||||
Natural
gas purchases
|
(1,235
|
)
|
(2,699
|
)
|
|||
Pipeline
operating costs
|
(2,685
|
)
|
(2,269
|
)
|
|||
Segment
margin
|
$
|
2,868
|
$
|
2,802
|
|||
Barrels
per day on crude oil pipelines:
|
|||||||
Total
|
57,874
|
62,058
|
|||||
Mississippi System
|
19,355
|
16,409
|
|||||
Jay System
|
12,812
|
11,414
|
|||||
Texas System
|
25,707
|
34,235
|
|||||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Revenues
from CO2
sales
|
$
|
3,497
|
$
|
3,387
|
|||
CO2
transportation and other costs
|
(1,144
|
)
|
(1,073
|
)
|
|||
Equity
in earnings of joint ventures
|
261
|
313
|
|||||
Segment
margin
|
$
|
2,614
|
$
|
2,627
|
|||
Volumes
per day:
|
|||||||
CO2
sales - Mcf
|
67,158
|
66,565
|
|||||
Sales
|
|
Mcf
per Day
|
|
|
|
First
Quarter 2006
|
66,565
|
Second
Quarter 2006
|
73,980
|
Third
Quarter 2006
|
82,244
|
Fourth
Quarter 2006
|
68,452
|
First
Quarter 2007
|
67,158
|
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Revenues
|
$
|
173,279
|
$
|
252,445
|
|||
Crude
oil costs
|
(167,722
|
)
|
(247,372
|
)
|
|||
Field
operating costs
|
(3,958
|
)
|
(3,345
|
)
|
|||
Segment
margin
|
$
|
1,599
|
$
|
1,728
|
|||
Volumes
per day:
|
|||||||
Crude oil total - barrels
|
33,439
|
(1) |
45,288
|
||||
Crude oil truck transported only - barrels
|
4,970
|
2,767
|
|||||
(1)
For purposes of comparison to the 2006 volume, barrels per day
before
netting of buy/sell volumes
|
|||||||
was
43,460.
|
|||||||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Expenses
excluding effect of stock appreciation rights
|
|||||||
plan and bonus plan
|
$
|
2,539
|
$
|
2,165
|
|||
Bonus
plan expense
|
446
|
343
|
|||||
Stock
appreciation rights plan expense
|
343
|
152
|
|||||
Total
general and administrative expenses
|
$
|
3,328
|
$
|
2,660
|
|||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Interest
expense, including commitment fees
|
$
|
209
|
$
|
115
|
|||
Capitalized
interest
|
(6
|
)
|
-
|
||||
Amortization
of facility fees
|
67
|
85
|
|||||
Interest
income
|
(44
|
)
|
(78
|
)
|
|||
Net
interest expense
|
$
|
226
|
$
|
122
|
|||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Maintenance
capital expenditures:
|
|||||||
Mississippi
pipeline systems
|
$
|
62
|
$
|
44
|
|||
Jay
pipeline system
|
72
|
39
|
|||||
Texas
pipeline system
|
88
|
15
|
|||||
Crude
oil gathering assets
|
91
|
72
|
|||||
Administrative
and other assets
|
2
|
49
|
|||||
Total
maintenance capital expenditures
|
315
|
219
|
|||||
Growth
capital expenditures (including construction in progress and investments
in joint ventures)
|
|||||||
Mississippi
pipeline systems
|
71
|
68
|
|||||
Total
growth capital expenditures
|
71
|
68
|
|||||
Total
capital expenditures
|
$
|
386
|
$
|
287
|
|||
Limited
|
General
|
||||||||
Partner
|
Partner
|
||||||||
Per
Unit
|
Interests
|
Interest
|
Total
|
||||||
Distribution
For
|
Date
Paid
|
Amount
|
Amount
|
Amount
|
Amount
|
||||
(in
thousands)
|
|||||||||
Fourth
quarter 2005
|
February
2006
|
$
0.17
|
$
2,343
|
$
48
|
$
2,391
|
||||
First
quarter 2006
|
May
2006
|
$
0.18
|
$
2,481
|
$
51
|
$
2,532
|
||||
Second
quarter 2006
|
August
2006
|
$
0.19
|
$
2,619
|
$
53
|
$
2,672
|
||||
Third
quarter 2006
|
November
2006
|
$
0.20
|
$
2,757
|
$
56
|
$
2,813
|
||||
Fourth
quarter 2006
|
February
2007
|
$
0.21
|
$
2,895
|
$
59
|
$
2,954
|
||||
First
quarter 2007
|
May
2007
|
$
0.22
|
$
3,032
|
$
62
|
$
3,094
|
Net
income
|
$
|
1,585
|
||
Depreciation
and amortization
|
1,928
|
|||
Cash
received from direct financing leases not included in
income
|
138
|
|||
Effects
of available cash generated by investments in joint ventures not
included
in income
|
299
|
|||
Non-cash
charges
|
299
|
|||
Maintenance
capital expenditures
|
(315
|
)
|
||
Available
Cash before reserves
|
$
|
3,934
|
||
Cash
flows from operating activities
|
$
|
1,737
|
||
Adjustments
to reconcile operating cash flows to Available Cash:
|
||||
Maintenance capital expenditures
|
(315
|
)
|
||
Proceeds from sales of certain assets
|
16
|
|||
Amortization of credit facility issuance fees
|
(136
|
)
|
||
Effects of available cash generated by investments in joint ventures
not
included in cash flows from operating activities
|
136
|
|||
Cash effects of exercises under SAR Plan
|
(407
|
)
|
||
Other items affecting Available Cash
|
319
|
|||
Net effect of changes in operating accounts not included in calculation
of
Available Cash
|
2,584
|
|||
Available
Cash before reserves
|
$
|
3,934
|
||
·
|
general
economic conditions, including rates of inflation and interest
rates.
|
Sell
(Short)
|
Buy
(Long)
|
||||||
Contracts
|
Contracts
|
||||||
Futures
Contracts
|
|||||||
Contract
volumes (1,000 bbls)
|
164
|
33
|
|||||
Weighted
average price per bbl
|
$
|
62.57
|
$
|
63.36
|
|||
Contract
value (in thousands)
|
$
|
10,261
|
2,091
|
||||
Mark-to-market
change (in thousands)
|
591
|
83
|
|||||
Market
settlement value (in thousands)
|
$
|
10,852
|
$
|
2,174
|
|||
31.1
|
Certification
by Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities
Exchange Act of 1934
|
|
31.2
|
Certification
by Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities
Exchange Act of 1934
|
|
32.1
|
Certification
by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
|
|
32.2
|
Certification
by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
|
GENESIS
ENERGY, L.P.
(A
Delaware Limited Partnership)
|
||
By:
|
GENESIS
ENERGY, INC., as General Partner
|
|
Date:
May 10, 2007
|
By:
|
/s/
Ross
A. Benavides
|
Ross
A. Benavides
Chief
Financial Officer
|