Genesis Energy, L.P. Reports First Quarter Results.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--May 9, 2002 Genesis Energy, L.P. (AMEX AMEX See: American Stock Exchange :GEL) today issued the following:
Earnings Highlights
(in thousands except per unit amounts)
2002 2001
------ ------
Net Income (Loss) Excluding
SFAS 133 Effects $2,016 $(5)
Per Unit - Basic and Diluted $0.23 $0.00
Change in Fair Value
of Derivatives $(702) $3,876
Net Income (Loss) $1,314 $3,871
Per Unit - Basic and Diluted $0.15 $0.44
Genesis Energy, L.P. ("the Partnership") announced today that its net income before the change in the fair value of derivatives for the quarter ended March 31, 2002, was $2,016,000 or $0.23 per unit. This compares to a net loss for the quarter ended March 31, 2001, of $5,000, or $0.00 per unit before the cumulative effect of the adoption of an accounting principle and the change in the fair value of derivatives. Minority interests had no effect on the reported periods. The Partnership recorded an unrealized loss Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. of $702,000 for the first quarter effect of marking contracts to fair value in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accounting Standards No. 133 ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 133"). The Partnership recorded an unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. of $3,409,000 for the 2001 first quarter SFAS 133 effect. The Partnership adopted SFAS 133 on January 1, 2001, and recorded an adjustment to net income for the cumulative effect of the adoption. That adjustment, net of minority interests, was a gain of $467,000, or $0.05 per unit. As announced on May 6, 2002, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. (Salomon) and Denbury Resources Inc. (Denbury) (NYSE NYSE See: New York Stock Exchange :DNR See dynamic noise reduction and domain name resolver. ) have executed an agreement to sell Genesis Energy, L.L.C. (Genesis), the general partner of the Partnership, to Denbury. This transaction is expected to close on or before May 15, 2002. "While results for the first quarter were better than expected, due to certain restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. in the Partnership's credit agreement, we will not pay a distribution for the first or second quarters of 2002, and we currently do not expect to pay any distributions for the remainder of 2002," said Mark J. Gorman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Partnership. Genesis Energy, L.P. will broadcast its First Quarter Earnings Announcement Conference Call on Tuesday, May 14, 2002, at 11:00 a.m. Central. The conference call will include discussion about the acquisition by Denbury. Gareth Roberts Gareth Roberts may refer to:
The process by which the corporation communicates with its investors. button. Listeners should go to this Web site at least fifteen minutes before this event to download and install any necessary audio software. For those unable to attend the live broadcast, a replay will be available beginning approximately one hour after the event. There is no charge to access the event. Genesis Energy, L.P., operates crude oil common carrier pipelines and is an independent gatherer and marketer of crude oil in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with operations concentrated in Texas, Louisiana, Alabama, Florida, Mississippi and New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Genesis believes that its expectations are based upon reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil, ability to obtain adequate credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , environmental risks, government regulation, the ability of the Company to meet its stated business goals and other risks noted from time to time in the Company's Securities and Exchange Commission filings. (tables to follow)
Genesis Energy, L.P.
Summary Consolidated Statements of Operations
(in thousands except per unit amounts and volumes)
Three Months Ended Three Months Ended
March 31, 2002 March 31, 2001
------------------ ------------------
Revenues $239,239 $930,293
Cost of Sales 233,801 925,668
--------- ---------
Gross Margin 5,438 4,625
General & Administrative
Expenses 2,088 2,727
Depreciation and
Amortization Expense 1,423 1,897
--------- ---------
Operating Income 1,927 1
Interest, Net (400) (135)
Unrealized (Loss) Gain
on Change in Fair Value
of Derivatives (702) 3,409
Gains from Asset Disposals 489 129
--------- ---------
Income Before Cumulative
Effect of Adoption of
Accounting Principle and
Minority Interests 1,314 3,404
Minority Interests -- --
--------- ---------
Income Before Cumulative
Effect of Adoption of
Accounting Principle 1,314 3,404
Cumulative Effect of
Adoption of Accounting
Principle, net of
Minority Interests -- 467
--------- ---------
Net Income $1,314 $3,871
========= =========
Net Income per Common Unit
- Basic and Diluted:
Before Cumulative
Effect of Adoption of
Accounting Principle $0.15 $0.39
Cumulative Effect of
Accounting Change -- 0.05
--------- ---------
Net Income $0.15 $0.44
========= =========
Wellhead barrels per day 67,466 93,146
Pipeline barrels per day 75,409 89,459
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