Welcome to our dedicated page for Genesis Energy, L.P. news (Ticker: GEL), a resource for investors and traders seeking the latest updates and insights on Genesis Energy, L.P. stock.
Genesis Energy, L.P. (GEL) is a Houston, Texas-based master limited partnership specializing in the midstream segment of the crude oil and natural gas industry. With a diverse portfolio, the company operates refinery-related plants, pipelines, storage tanks, terminals, marine operations, and truck terminals. It provides highly specialized customer attention, focusing on midstream oil and gas, pulp and paper mills, mining operations, and other industries.
Core Business and Segments
Genesis Energy LP's operations are categorized into four main segments:
- Offshore Pipeline Transportation: This segment generates the bulk of the company’s revenue, focusing on crude oil and natural gas pipeline transportation and handling operations in the Gulf of Mexico. It offers a suite of services to both integrated and large independent energy companies.
- Sodium Minerals and Sulfur Services: Engaged in the production, marketing, and transportation of sodium minerals and sulfur products, this segment contributes significantly to the company's diverse portfolio.
- Onshore Facilities and Transportation: This segment manages a variety of onshore pipelines, storage facilities, and terminals, ensuring efficient and reliable transport and storage solutions for crude oil and natural gas.
- Marine Transportation: Genesis Energy operates a fleet of marine vessels, including tankers and barges, providing essential transportation services for crude oil, petroleum products, and other cargo.
Recent Achievements and Current Projects
The company continues to expand its operational footprint, leveraging its strategic assets and partnerships to enhance service offerings. Recent projects include the expansion of offshore pipeline capacity and the development of new storage facilities to meet growing demand.
Financial Condition
Genesis Energy maintains a robust financial profile, underpinned by steady revenue streams from its diversified operations. The company is committed to sustainable growth, focusing on strategic investments and cost-efficient operations.
Partnerships and Collaborations
Collaborations with leading energy companies and industrial players form a cornerstone of Genesis Energy’s business strategy. These partnerships enable the company to deliver comprehensive midstream solutions, enhancing its competitive edge in the market.
Conclusion
Genesis Energy, L.P. is a vital player in the midstream energy sector, providing essential services to the crude oil and natural gas industry. With a strong focus on customer service and strategic growth, the company is well-positioned to continue its trajectory of success.
Genesis Energy (NYSE: GEL) reported third quarter 2024 results with a net loss of $17.2 million, compared to net income of $58.1 million in Q3 2023. Cash flows from operating activities decreased to $87.3 million from $141.0 million year-over-year. The company generated Total Segment Margin of $151.1 million and Adjusted EBITDA of $136.7 million.
The company faced challenges in its offshore pipeline and soda ash businesses, with unexpected delays at Winterfell and Warrior developments, and operational issues at the Westvaco facility. Despite these setbacks, management remains confident in long-term growth prospects starting in 2025, with minimal future capital expenditures planned.
Genesis Energy, L.P. (NYSE: GEL) has announced its quarterly cash distribution for the quarter ended September 30, 2024. Common unit holders will receive $0.165 per unit ($0.66 annualized), while Class A Convertible Preferred unit holders will receive $0.9473 per unit ($3.7890 annualized). The distribution will be paid on November 14, 2024 to holders of record as of October 31, 2024.
The company will release its Q3 2024 earnings on October 31, 2024, before the NYSE opens, followed by a conference call at 9:00 a.m. CDT. Genesis Energy is a diversified midstream energy master partnership with operations in offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation, and marine transportation, primarily in the Gulf Coast region, Wyoming, and the Gulf of Mexico.
Genesis Energy, L.P. (NYSE: GEL) has announced its participation in Citi's 2024 One-on-One Midstream / New Energy Infrastructure Conference in Las Vegas on August 13-14, 2024. The company will host investor meetings during the event. Genesis Energy is a diversified midstream energy master partnership based in Houston, Texas, with operations primarily in the Gulf Coast region, Wyoming, and the Gulf of Mexico.
The company's latest presentation materials are available for download on their website under the Investors tab. Genesis Energy's operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation, and marine transportation.
Genesis Energy, L.P. (NYSE: GEL) reported its Q2 2024 results, showing a net loss of $8.7 million compared to a net income of $49.3 million in Q2 2023. The company generated $104.7 million in cash flows from operating activities, down from $157.7 million in the same period last year. Available Cash before Reserves to common unitholders was $37.6 million, providing 2.05X coverage for the quarterly distribution of $0.15 per unit.
The company announced a 10% increase in quarterly distribution to common unitholders, starting with the Q3 2024 distribution. Genesis expects to generate approximately $800 million in Adjusted EBITDA in 2025 and potentially exceed $900 million in 2026, driven by offshore expansion projects and recovery in the soda ash business.
Despite challenges in H1 2024, Genesis adjusted its full-year Adjusted EBITDA guidance to $625 - $650 million, only about 6% below the low end of its original guidance.
Genesis Energy, L.P. (NYSE: GEL) has announced that it will release its Second Quarter 2024 earnings on August 1, 2024, before the market opens. The company will hold its earnings conference call on the same day at 9:00 a.m. Central time (10:00 a.m. Eastern time). Investors can access the call through the company's website.
Genesis Energy is a diversified midstream energy master partnership based in Houston, Texas. Its operations span offshore pipeline transportation, sodium minerals and sulfur services, marine transportation, and onshore facilities and transportation. The company's activities are primarily concentrated in the Gulf Coast region of the United States, Wyoming, and the Gulf of Mexico.
Genesis Energy, L.P. (NYSE: GEL) has successfully extended and upsized its existing revolving credit facility to $900 million, with a new maturity date of September 1, 2028. The syndication closed on July 19, 2024, involving both existing and new lenders. Key features include:
1. Materially similar covenants to the previous facility
2. Expanded permitted investment basket for increased flexibility
3. No debt maturities until January 2027
4. Ample liquidity to execute plans for capital structure simplification and stakeholder capital returns
CEO Grant Sims emphasized the timing of this extension, aligning with the completion of major capital spending and anticipated earnings growth starting next year. The move follows a successful bond refinancing in May, further strengthening Genesis Energy's financial position.
Genesis Energy (NYSE: GEL) has announced that its 2023 Schedule K-3 is now available online. This document provides international tax-related information, important for certain unitholders, including foreign unitholders, those computing a foreign tax credit, and certain corporate or partnership unitholders. The Schedule K-3 can be accessed via www.taxpackagesupport.com/Genesis or through the 'K-1 Tax Information' link on Genesis Energy's website. Genesis Energy will not mail copies; however, unitholders can request an electronic copy via email or a mailed paper copy by contacting Tax Package Support at 844-649-0506.
Effective July 1, 2024, American Natural Soda Ash (ANSAC) announced an increase in export prices by USD $25.00 per metric ton for soda ash. This price hike affects all non-contract sales and contracted sales where applicable. ANSAC President Jeffrey Jacobson attributes the increase to a tightening global soda ash supply and rising demand. ANSAC is the export arm for Genesis Alkali, a major U.S. natural soda ash producer and subsidiary of Genesis Energy, L.P., a diversified midstream energy partnership headquartered in Houston, Texas. Genesis Energy's operations span offshore and onshore facilities, primarily in the Gulf Coast, Wyoming, and the Gulf of Mexico.
Genesis Energy, L.P. (NYSE: GEL) announced its participation in two upcoming investor conferences.
The company will attend the 2024 RBC Capital Markets Global Energy, Power & Infrastructure Conference in New York City on June 4-5, 2024, and the 2024 BofA Securities Energy Credit Conference on June 5-6, 2024.
Genesis Energy offers a range of services, including offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation, and marine transportation, primarily in the Gulf Coast region, Wyoming, and the Gulf of Mexico.
Additional details and presentation materials can be found on their website under the 'Investors' tab.
Genesis Energy (NYSE: GEL) has announced its participation in the 21st Annual Energy Infrastructure CEO & Investor Conference, scheduled for May 22-23, 2024, in Aventura, Florida. The company, a diversified midstream energy master partnership based in Houston, will host investor meetings during the event. Genesis operates in offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation, and marine transportation. Their operations are primarily located in the Gulf Coast region of the U.S., Wyoming, and the Gulf of Mexico. For more details, visit Genesis' website or view the source version on businesswire.com.
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