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) announced the early results of its cash tender offer for up to $575 million of its 8.0% senior notes due 2027. As of December 18, 2024, the company received tenders for $877,967,000 of the notes, making the offer oversubscribed. With $981,245,000 in total outstanding notes, GEL will implement a pro-ration factor of approximately 66% for accepting tendered notes.
The initial settlement date is set for December 20, 2024. Due to oversubscription at the Early Tender Deadline, holders who tender notes after this deadline will not have their notes accepted for payment. The tender offer will expire on January 6, 2025.
Genesis Energy (NYSE: GEL) has announced its participation in Wells Fargo's 23rd Annual Midstream, Energy & Utilities Symposium in New York City on December 10-11, 2024. The company will host investor meetings during the event.
The company has made its latest presentation materials available for download on their website under the Investors tab. Genesis Energy is a diversified midstream energy master partnership based in Houston, Texas, with operations spanning offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation, and marine transportation. Their operations are primarily concentrated in the Gulf Coast region of the United States, Wyoming, and the Gulf of Mexico.
Genesis Energy (NYSE: GEL) has increased the maximum aggregate principal amount of its 8.0% Senior Notes due 2027 that it will accept for purchase in its tender offer from $385 million to $575 million. Notes tendered by the Early Tender Deadline (December 18, 2024) will receive $1,021.90 per $1,000 principal amount, including a $30.00 early tender payment. Notes tendered after the Early Tender Deadline but before the Expiration Time (January 6, 2025) will receive $991.90 per $1,000 principal amount.
Settlement dates are expected on December 20, 2024 for early tenders and January 8, 2025 for regular tenders. The offer is contingent upon receiving sufficient funding from future senior notes offerings but not on any minimum tender amount. The company intends, but is not obligated, to redeem additional notes equal to the Tender Offer Cap after the tender offer completion.
Genesis Energy (NYSE: GEL) has priced a public offering of $600 million in 8.000% senior notes due 2033, upsized from the previously announced $400 million. The notes will be co-issued with Genesis Energy Finance and guaranteed by all subsidiaries except unrestricted ones.
The proceeds will be used to purchase or redeem up to $575 million of outstanding 8.0% senior notes due 2027 and for general partnership purposes, including repaying revolving borrowings under their senior secured credit facility. The offering is expected to settle on December 19, 2024.
Genesis Energy (NYSE: GEL) has announced a cash tender offer to purchase up to $385 million of its outstanding 8.0% senior notes due 2027. Currently, $981,245,000 in aggregate principal amount of these notes are outstanding.
Holders who tender their notes by the Early Tender Deadline (December 18, 2024) will receive $1,021.90 per $1,000 principal amount, including a $30.00 early tender payment. Those tendering after the Early Tender Deadline but before January 6, 2025, will receive $991.90 per $1,000 principal amount.
The tender offer is contingent upon Genesis receiving sufficient net proceeds from future senior notes offerings to fund the purchase. The company intends, but is not obligated, to redeem additional notes after the tender offer completion.
Genesis Energy (NYSE: GEL) has announced a public offering of $400 million senior notes due 2033. The notes will be co-issued with Genesis Energy Finance and guaranteed by all subsidiaries except unrestricted ones. The company plans to use the proceeds to purchase or redeem up to $385 million of its outstanding 8.0% senior notes due 2027 and for general partnership purposes, including repaying revolving borrowings under its senior secured credit facility. Wells Fargo Securities is leading the offering as the primary underwriter.
Genesis Energy (NYSE: GEL) has published its 2023 Sustainability Report, highlighting the company's progress in corporate sustainability initiatives and performance metrics throughout 2023. The report, available on the company's website, covers various sustainability topics relevant to their industry operations.
Genesis Energy operates as a diversified midstream energy master partnership, with operations spanning offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation, and marine transportation. Their operations are primarily concentrated in the Gulf Coast region of the United States, Wyoming, and the Gulf of Mexico.
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.
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