GENESIS ENERGY LP
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
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Item 16. Form 10-K Summary
Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| GENESIS ENERGY, L.P. | |||
| (A Delaware Limited Partnership) | |||
| By: | GENESIS ENERGY, LLC, | ||
| as General Partner | |||
| Date: | March 3, 2025 | By: | /s/ GRANT E. SIMS |
|---|---|---|---|
| Grant E. Sims | |||
| Chief Executive Officer | |||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons in the capacities and on the dates indicated.
| NAME | TITLE | DATE |
|---|---|---|
| (OF GENESIS ENERGY, LLC)* | ||
| /s/ GRANT E. SIMS Grant E. Sims | Chairman of the Board, Director and Chief Executive Officer(Principal Executive Officer) | March 3, 2025 |
| /s/ KRISTEN O. JESULAITISKristen O. Jesulaitis | Chief Financial Officer and Chief Legal Officer(Principal Financial Officer) | March 3, 2025 |
| /s/ LOUIS V. NICOL Louis V. Nicol | Senior Vice President and Chief Accounting Officer(Principal Accounting Officer) | March 3, 2025 |
| /s/ CONRAD P. ALBERTConrad P. Albert | Director | March 3, 2025 |
| /s/ JAMES E. DAVISON James E. Davison | Director | March 3, 2025 |
| /s/ JAMES E. DAVISON, JR. James E. Davison, Jr. | Director | March 3, 2025 |
| /s/ SHARILYN S. GASAWAY Sharilyn S. Gasaway | Director | March 3, 2025 |
| /s/ KENNETH M. JASTROW, II Kenneth M. Jastrow, II | Director | March 3, 2025 |
| /s/ JACK T. TAYLORJack T. Taylor | Director | March 3, 2025 |
| * | Genesis Energy, LLC is our general partner. |
|---|
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
| Page | |
|---|---|
| Financial Statements of Genesis Energy, L.P. | |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) | 1 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | 3 |
| Consolidated Balance Sheets | 4 |
| Consolidated Statements of Operations | 5 |
| Consolidated Statements of Comprehensive Income | 6 |
| Consolidated Statements of Partners’ Capital | 7 |
| Consolidated Statements of Cash Flows | 8 |
| Notes to Consolidated Financial Statements | 9 |
| 1. Organization | 9 |
| 2. Summary of Significant Accounting Policies | 9 |
| 3. Revenue Recognition | 14 |
| 4. Business Consolidation | 18 |
| 5. Lease Accounting | 19 |
| 6. Receivables | 21 |
| 7. Inventories | 22 |
| 8. Fixed Assets, Mineral Leaseholds and Asset Retirement Obligations | 23 |
| 9. Equity Investees | 24 |
| 10. Intangible Assets, Goodwill and Other Assets | 25 |
| 11. Debt | 26 |
| 12. Partners' Capital, Mezzanine Equity and Distributions | 30 |
| 13. Net Income (Loss) Per Common Unit | 35 |
| 14. Business Segment Information | 35 |
| 15. Transactions with Related Parties | 39 |
| 16. Supplemental Cash Flow Information | 39 |
| 17. Equity-Based Compensation Plans | 40 |
| 18. Major Customers and Credit Risk | 41 |
| 19. Derivatives | 41 |
| 20. Fair-Value Measurements | 46 |
| 21. Employee Benefit Plans | 47 |
| 22. Commitments and Contingencies | 50 |
| 23. Income Taxes | 50 |
| 24. Subsequent Events | 52 |
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