Genesis Energy L P : Declares Quarterly Distribution
January 11, 2018 at 10:19 am
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FOR IMMEDIATE RELEASE January 11, 2018
Genesis Energy, L.P. Declares Quarterly Distribution
HOUSTON - (BUSINESS WIRE) - Genesis Energy, L.P. (NYSE: GEL) announced today that, on January 10, 2018, 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 December 31, 2017. These distributions will be paid on February 14, 2018 to holders of record at the close of business on January 31, 2018.
Each holder of common units will be paid a quarterly cash distribution of $0.51 ($2.04 on an annualized basis) for each common unit held of record. With respect to the preferred units, Genesis declared a payment-in-kind of the quarterly distribution resulting in the issuance of an additional approximately 490,252 preferred units ("PIK units"). Each holder of preferred units will be paid through the issuance of 0.021875 PIK units (plus cash for any fractional unit based on $33.71 per unit) for each preferred unit held of record. This distribution equates to a quarterly distribution of $0.7374 per preferred unit ($2.9496 on an annualized basis). The PIK units will be issued in book-entry form on the payment date.
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, marine transportation and onshore facilities and transportation (formerly known as supply and logistics). Genesis' operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the Gulf of Mexico.
Contact:
Genesis Energy, L.P. Bob Deere
Chief Financial Officer (713) 860-2516
Genesis Energy LP published this content on 11 January 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 January 2018 10:14:02 UTC.
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Genesis Energy L.P. is a provider of integrated suite of midstream services to the Gulf of Mexico and the Gulf Coast region of the crude oil and natural gas industry, and producer of natural soda ash. The Company operates through four segments: Offshore Pipeline Transportation, Sodium and Sulfur Services, Onshore Facilities and Transportation, and Marine Transportation. Its Offshore Pipeline Transportation segment includes its offshore crude oil and natural gas pipeline transportation and handling operations in the Gulf of Mexico. Its Sodium and Sulfur Services segment includes its alkali business and its sulfur removal business. Its Onshore Facilities and Transportation segment owns and/or leases its range of onshore crude oil and refined products infrastructure, including pipelines, trucks, terminals, and rail unloading facilities. The Companyâs Marine Transportation segment is a provider of transportation services by tank barge primarily for intermediate refined petroleum products.