Genesis Energy, L.P. Declares Quarterly Distribution

Rhea-AI Summary

Genesis Energy, L.P. (NYSE: GEL) announced a cash distribution on its common units and Class A Convertible Preferred Units for the quarter ending December 31, 2022. Holders of common units will receive $0.15 per unit, translating to an annualized rate of $0.60, while preferred unit holders will receive $0.9473 per unit ($3.7890 annualized). These distributions will be paid on February 14, 2023, to those on record by January 31, 2023. The company operates primarily in the Gulf Coast region and is subject to federal income tax withholding for foreign investors.

Positive

• Quarterly cash distribution of $0.15 per common unit, annualized to $0.60.
• Preferred unit distribution of $0.9473 per unit, annualized to $3.7890.
• Distributions indicate strong cash flow and commitment to shareholder returns.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Genesis Energy, L.P. (NYSE: GEL) announced today that, on January 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 December 31, 2022. These distributions will be paid on February 14, 2023 to holders of record at the close of business on January 31, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230112005153/en/

Genesis Energy, L.P.

Dwayne Morley

VP – Investor Relations

(713) 860-2536

Source: Genesis Energy, L.P.

FAQ

What is the cash distribution amount for Genesis Energy common units?

Genesis Energy announced a cash distribution of $0.15 per common unit.

When will Genesis Energy pay its quarterly distribution?

Genesis Energy will pay its quarterly distribution on February 14, 2023.

What is the annualized distribution amount for Genesis Energy's common units?

The annualized distribution amount for Genesis Energy's common units is $0.60.

What is the distribution rate for Class A Convertible Preferred Units?

The distribution rate for Class A Convertible Preferred Units is $0.9473 per unit.

When is the record date for Genesis Energy's distributions?

The record date for Genesis Energy's distributions is January 31, 2023.