Genesis Energy, L.P. Authorizes Common Unit Repurchase Program
Grant Sims, Chairman and CEO, commented, “As discussed in last week’s earnings release, the outlook for Genesis remains constructive, and we continue to have a clear line of sight to generating cash flow of roughly
This Program is in addition to our opportunistic repurchases of our outstanding Class A Convertible Preferred units, of which to date we have redeemed a total of
We anticipate funding any repurchase activity with a portion of our cash flow and liquidity, provided that we are comfortable we remain on track to achieving and maintaining our targeted long-term leverage ratio. We remain committed to executing our financial strategy in a disciplined manner and maximizing value for all of our stakeholders.”
The Program authorizes the repurchase from time to time of up to 10 percent of the outstanding Class A common units, or 12,253,922 units, via open market purchases or negotiated transactions conducted in accordance with applicable regulatory requirements, and these repurchases may be made pursuant to a repurchase plan or plans that comply with Rule 10b5-1 under the Securities Exchange Act of 1934. Ultimately, the amount, timing and pace of potential repurchase activity will be determined by a number of factors, including market conditions, GEL’s financial performance and flexibility, the absolute and relative equity prices of GEL Class A common units, and the extent to which GEL is positioned to achieve and maintain its targeted leverage ratio. The Program has been authorized by the Board of Directors of Genesis Energy, L.P. will be reviewed no later than December 31, 2024, and may be suspended or discontinued at any time prior thereto. The Program does not obligate GEL to acquire a particular number of Class A common units and any Class A common units of GEL that are repurchased will be canceled.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, no assurance can be given that our goals will be achieved. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
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Genesis Energy, L.P.
Dwayne Morley
Vice President – Investor Relations
(713) 860-2536
Source: Genesis Energy, L.P.