[Form 4] Genesis Energy, L.P. Insider Trading Activity

Rhea-AI Filing Summary

HSBC Holdings plc (HSBC) filed a Form 6-K disclosing daily activity under the US$3 bn share buy-back programme launched on 6 May 2025.

• 2 July 2025 purchase: 3,219 ordinary shares bought and immediately cancelled on UK venues at a volume-weighted average price of £8.8417 (high £8.8600, low £8.8180).
• Cumulative progress: 198,057,239 shares repurchased so far, for total consideration of approx. US$2.311 bn.
• Capital structure impact: Post-cancellation issued share capital falls to 17,477,810,898 shares with full voting rights; no treasury shares are held.
• Governance & compliance: Purchases executed by Morgan Stanley & Co. International plc in accordance with UK Market Abuse Regulation and Companies Act 2006. A detailed trade-by-trade report is available via the RNS link.

The cumulative buy-back represents roughly 1.1% of the outstanding shares, providing a modest boost to earnings per share and signalling management’s continuing capital return strategy.

Positive

• Share count reduction: 198.1 m shares (≈1.1 %) already cancelled, marginally accretive to EPS and BVPS.
• Transparent compliance: Transactions conducted under UK MAR with full trade disclosure, reducing governance risk.

Negative

• Limited scale: Buy-back represents only ~1.1 % of outstanding shares, offering modest earnings uplift.
• Capital deployment: US$2.3 bn outflow could otherwise support organic growth or dividends; opportunity cost not addressed.

Insights

Equity Research Analyst

TL;DR: Small daily buy-back tranche, but programme nearing US$2.3 bn and shrinking float by ~1.1%; neutral-to-positive for EPS support.

The disclosed 3,219-share purchase is immaterial in isolation, yet the wider programme has retired almost 200 m shares. At a VWAP of £8.84 (≈US$11.20) the company is buying at ~0.8× tangible book, a level that can enhance book-value per share. With no treasury shares, all repurchases are fully accretive. However, the programme’s scale—about 1.1 % of shares outstanding—offers only a modest EPS uplift and has limited signaling power compared with larger peers’ buy-backs. Liquidity and CET1 impacts are not disclosed here, so capital adequacy assessment is deferred. Overall, the disclosure is routine and market-neutral to mildly supportive.

Corporate Governance Specialist

TL;DR: Process aligns with UK MAR and LSE rules; transparent reporting limits governance risk.

HSBC continues to execute its authorisation responsibly—using a single broker, immediate cancellation, and prompt trade disclosure. The update re-affirms no treasury stock, simplifying future voting calculations. By publishing cumulative totals and directing investors to granular trade files, the firm maintains best-practice transparency. No governance red flags arise.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JASTROW KENNETH M II

(Last) (First) (Middle)

6300 BEE CAVE ROAD

BUILDING ONE, 6TH FLOOR

(Street)

AUSTIN TX 78746

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GENESIS ENERGY LP [ GEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units - Class A(1)	07/01/2025		M		2,800(1)	A	(2)	152,800	D
Common Units - Class A(1)	07/01/2025		D		2,800(1)	D	$16.54(2)	150,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(2)	07/01/2025		M			2,800	07/01/2025	07/01/2025	Common Units - Class A	2,800	(2)	9,430	D
Phantom Units	(3)(4)	07/01/2025		A		2,649		07/01/2026	07/01/2026	Common Units - Class A	2,649	(3)(4)	12,079	D

Explanation of Responses:

1. The payment of the phantom units in cash is deemed to be a disposition of the phantom units in exchange for the acquisition of the underlying Common Units - Class A and a simultaneous disposition of the underlying Common Units - Class A to the issuer.

2. Upon vesting, the phantom units were paid in cash based on the average closing price of the Common Units - Class A for the 20 trading days immediately prior to the date of vesting.

3. The phantom units will be paid in cash based on the average closing price of the Common Units - Class A for the 20 trading days immediately prior to the vesting date.

4. Award includes tandem distribution equivalent rights pursuant to which the quarterly distributions paid by the partnership on each Common Unit - Class A will be accrued over the vesting period and paid quarterly.

Remarks:

	Kenneth M. Jastrow II	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many HSBC (HSBC) shares were repurchased on 2 July 2025?

3,219 ordinary shares were bought on UK trading venues and cancelled the same day.

What is the cumulative size of HSBC's 2025 buy-back programme?

Since 6 May 2025, HSBC has repurchased 198,057,239 shares for approximately US$2.311 bn.

What will be HSBC's share count after the latest cancellation?

Issued ordinary share capital will be 17,477,810,898 shares, all with voting rights and none held in treasury.

At what average price did HSBC buy back shares on 2 July 2025?

The volume-weighted average price was £8.8417 per share (high £8.8600, low £8.8180).

Where can investors find the detailed trade report for the buy-back?

A full breakdown is available via the RNS PDF link: http://www.rns-pdf.londonstockexchange.com/rns/4951P_1-2025-7-2.pdf.

Does the filing mention any repurchases on the Hong Kong Stock Exchange?

No shares were repurchased on the Hong Kong Stock Exchange for this reporting day.