Genesis Energy, L.P. announces earnings for first quarter 1997.HOUSTON--(BUSINESS WIRE)--April 30, 1997--Genesis Energy, L.P. (NYSE NYSE See: New York Stock Exchange :GEL) announced today that its net income for the quarter ended March 31, 1997, was $2,744,000 or $0.31 per common unit. Income before the reduction for the minority interests was $3,430,000. Genesis Energy, L.P., was formed in December December: see month. of 1996 to acquire the crude oil gathering, marketing and transportation assets of Basis Petroleum, Inc., and of Howell How´ell n. 1. The upper stage of a porcelian furnace. Corporation. As previously announced, the Partnership will pay its first quarterly distribution of $0.66 per Common Unit on May 15, 1997, to Common Unitholders of record at the close of business on April 30, 1997. This first distribution was increased to include twenty-nine days from December 3, 1996, the closing date of the Initial Public Offering. Genesis Energy, L.P., operates crude oil common carrier pipelines and is one of the largest independent gatherers and marketers 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 Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. ,
Alabama Alabama, indigenous people of North AmericaAlabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , Florida, Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by , 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). , Kansas and Oklahoma. -0-
Genesis Energy, L.P.
Summary Consolidated Statement of Operations
For the Three Months Ended March 31, 1997
(in thousands except per unit amount)
Revenues $946,482
Cost of Sales 939,448
Gross Margin 7,034
General & Administrative Expenses 2,133
Depreciation and Amortization Expense 1,565
Operating Income 3,336
Interest, Net 94
Income Before Minority Interests 3,430
Minority Interests 686
Net Income $ 2,744
Net Income per Common Unit $ 0.31
Summary Consolidated Balance Sheet
March 31, 1997
(in thousands)
Current Assets $362,259
Property, net 87,946
Other Assets, net 10,482
Total Assets $460,687
Current Liabilities $345,920
Minority Interests 26,943
Partners' Capital 87,824
Total Liabilities and Partners' Capital $460,687
CONTACT: Genesis Energy L.P., Houston Allyn R. Skelton, II, 713/646-1223 |
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