Genesis Energy, L.P. Declares Quarterly Distribution
January 10 2019 - 5:45AM
Business Wire
Genesis Energy, L.P. (NYSE: GEL) announced today that, on
January 9, 2019, 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, 2018. These distributions will be paid on February 14,
2019 to holders of record at the close of business on January 31,
2019.
Each holder of common units will be paid a quarterly cash
distribution of $0.55 ($2.20 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 534,576
preferred units (“PIK units”). Each holder of a preferred unit 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.
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Genesis Energy, L.P.Bob DeereChief Financial Officer(713)
860-2516
Genesis Energy (NYSE:GEL)
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