Genesis Energy, L.P. Declares Distribution on Common Units and Class A Convertible Preferred Units, Payable on February 14, 2019
January 10, 2019 at 05:45 am
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Genesis Energy, L.P. announced 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. 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 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.