GENESIS ENERGY LP
For the period ended Mar 31, 2024. Filed May 2, 2024.
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Mar 31, 2024 · Filed May 2, 2024
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14. Transactions with Related Parties
- Transactions with Related Parties
The transactions with related parties were as follows:
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenues: | ||
| Revenues from services and fees to Poseidon(1) | $4,983 | $3,592 |
| Costs and expenses: | ||
| Amounts paid to our CEO in connection with the use of his aircraft | $165 | $165 |
| Charges for products purchased from Poseidon(1) | 286 | 282 |
(1)We own a 64% interest in Poseidon.
Our CEO, Mr. Grant E. 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 reflect what we would expect to obtain in an arms-length transaction.
Transactions with Unconsolidated Affiliates
Poseidon
We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the three months ended March 31, 2024 and 2023 include $2.6 million and $2.5 million, respectively, of fees we earned through the provision of services under that agreement. At March 31, 2024 and December 31, 2023, Poseidon owed us $1.9 million for services rendered.
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