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Genesis Energy, L.P. Declares Quarterly Distribution
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Genesis Energy, L.P. (NYSE: GEL) declared a quarterly cash distribution for common and Class A Convertible Preferred Units attributable to Q1 2023. The distribution of $0.15 per common unit (annualized $0.60) will be paid on May 15, 2023 to holders of record as of April 28, 2023. For preferred units, the distribution will be $0.9473 per unit (annualized $3.7890).
Genesis operates in the midstream energy sector, focusing on offshore pipeline transportation, sodium minerals, sulfur services, and marine transportation, primarily in the Gulf Coast region and the Gulf of Mexico.
This press release also notes that distributions to foreign investors will be subject to federal income tax withholding.
Positive
Quarterly cash distribution of $0.15 per common unit reflects stable income.
Preferred units receive $0.9473, demonstrating strong return for preferred shareholders.
Negative
None.
HOUSTON--(BUSINESS WIRE)--
Genesis Energy, L.P. (NYSE: GEL) announced today that, on April 11, 2023, the Board of Directors of its general partner declared a distribution on Genesis’ common units and Class A Convertible Preferred Units attributable to the quarter ended March 31, 2023. These distributions will be paid on May 15, 2023 to holders of record at the close of business on April 28, 2023.
Each holder of common units will be paid a quarterly cash distribution of $0.15 ($0.60 on an annualized basis) for each common unit held of record. With respect to the preferred units, Genesis will pay a cash distribution of $0.9473 ($3.7890 on an annualized basis) for each preferred unit held of record.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Genesis Energy’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Genesis Energy’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
