Genesis Energy, L.P. Declares Quarterly Distribution

Rhea-AI Summary

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.

Positive

• Consistent quarterly cash distribution maintained for common and preferred unit holders
• Timely earnings release and investor conference call scheduled

Negative

• None.

Insights

Financial Analyst

Genesis Energy's quarterly distribution announcement is a routine event for MLPs, but it's worth noting the consistency in their payout. The $0.165 per common unit ($0.66 annualized) and $0.9473 per preferred unit ($3.7890 annualized) distributions suggest stability in the company's cash flow.

However, investors should be cautious. The distribution yield, while attractive, doesn't necessarily indicate financial health. It's important to examine the distribution coverage ratio and the sustainability of these payouts in the upcoming earnings report. The diversified operations across offshore pipeline transportation, sodium minerals, sulfur services and marine transportation provide some buffer against sector-specific risks.

The announcement of the earnings release date and conference call is standard practice, but it will be the key event to watch for insights into the company's financial performance and distribution sustainability. Investors should pay close attention to metrics like distributable cash flow and leverage ratios during the earnings call.

HOUSTON--(BUSINESS WIRE)-- Genesis Energy, L.P. (NYSE: GEL) announced today that the Board of Directors of its general partner declared a quarterly cash distribution to be paid to Genesis common unit holders and Class A Convertible Preferred unit holders with respect to the quarter ended September 30, 2024. Each holder of common units will be paid a quarterly cash distribution of $0.165, or $0.66 on an annualized basis, for each common unit held of record. Each holder of preferred units will be paid a quarterly cash distribution of $0.9473, or $3.7890 on an annualized basis, for each preferred unit held of record. These quarterly distributions will be paid on Thursday, November 14, 2024 to holders of record at the close of business on Thursday, October 31, 2024.

Genesis will announce its earnings for the third quarter of 2024 on Thursday, October 31, 2024, before the New York Stock Exchange opens for trading. Following the announcement, the partnership will host a conference call at 9:00 a.m. CDT with analysts and investors to discuss its earnings. The call will be webcast live on the Internet and may be accessed through the “Investors” section of the partnership’s website at www.genesisenergy.com. A replay of the webcast will be available following the conference call and may be accessed approximately one hour after completion of the call.

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/20241010574955/en/

Genesis Energy, L.P.

Dwayne Morley

VP – Investor Relations

(713) 860-2536

Source: Genesis Energy, L.P.

FAQ

What is the quarterly distribution amount for Genesis Energy (GEL) common unit holders?

Genesis Energy (GEL) common unit holders will receive a quarterly cash distribution of $0.165 per unit, or $0.66 on an annualized basis.

When will Genesis Energy (GEL) pay its quarterly distribution for Q3 2024?

Genesis Energy (GEL) will pay its quarterly distribution for Q3 2024 on Thursday, November 14, 2024, to holders of record as of October 31, 2024.

What is the quarterly distribution amount for Genesis Energy (GEL) preferred unit holders?

Genesis Energy (GEL) Class A Convertible Preferred unit holders will receive a quarterly cash distribution of $0.9473 per unit, or $3.7890 on an annualized basis.

When will Genesis Energy (GEL) announce its Q3 2024 earnings?

Genesis Energy (GEL) will announce its Q3 2024 earnings on Thursday, October 31, 2024, before the New York Stock Exchange opens for trading.