Genesis Energy, L.P. Declares Quarterly Distribution

Rhea-AI Summary

Genesis Energy, L.P. (NYSE: GEL) announced a cash distribution of $0.15 per common unit, equating to an annualized rate of $0.60, payable on November 14, 2022, to record holders as of October 31, 2022. For its 8.75% Class A Convertible Preferred Units, the distribution amounts to $0.7374 per preferred unit ($2.9496 annualized). This decision reflects Genesis’ ongoing commitment to return value to its investors and highlights its operational stability within the midstream energy sector, primarily centered in the Gulf Coast region and the Gulf of Mexico.

Positive

• Quarterly cash distribution of $0.15 per common unit shows commitment to returning value to shareholders.
• Annualized distribution of $0.60 for common units and $2.9496 for preferred units indicates profitability.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Genesis Energy, L.P. (NYSE: GEL) announced today that, on October 10, 2022, the Board of Directors of its general partner declared a distribution on Genesis’ common units and 8.75% Class A Convertible Preferred Units attributable to the quarter ended September 30, 2022. These distributions will be paid on November 14, 2022 to holders of record at the close of business on October 31, 2022.

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 $0.7374 ($2.9496 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221011005465/en/

Genesis Energy, L.P.

Dwayne Morley

VP – Investor Relations

(713) 860-2536

Source: Genesis Energy, L.P.

FAQ

What is the date of Genesis Energy's distribution announcement?

Genesis Energy announced the distribution on October 10, 2022.

When will the distributions be paid for Genesis Energy's common and preferred units?

The distributions will be paid on November 14, 2022.

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

The cash distribution for common units is $0.15 per unit.

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

The annualized distribution for preferred units is $2.9496.

Who is the contact for investor relations at Genesis Energy?

Dwayne Morley is the VP of Investor Relations at Genesis Energy.