Genesis Energy, L.P. to Acquire Port Hudson Crude Gathering Assets.HOUSTON -- Genesis Energy, L.P. (AMEX AMEX See: American Stock Exchange :GEL) announced today that it has entered into a Purchase and Sale Agreement with BP Pipelines (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. ) Inc. to acquire the Port Hudson Crude Oil truck terminal, marine terminal, and marine dock of BP Pipelines (North America) Inc. ("Port Hudson") for $8.1 million, which is expected to be funded with Genesis' existing revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The assets acquired in this transaction include docking facilities on the Mississippi River Mississippi River River, central U.S. It rises at Lake Itasca in Minnesota and flows south, meeting its major tributaries, the Missouri and the Ohio rivers, about halfway along its journey to the Gulf of Mexico. , 215,000 barrels of tankage tankage made from heat-digested animal abattoir residues without gut contents, hide, horn, hoof. Concentrated and dried and possessing a high biological value protein content of 60%. See also meat meal. , a pipeline and other related assets in East Baton Rouge Parish, Louisiana East Baton Rouge Parish (French: Paroisse de Baton Rouge Est) is a parish located in the U.S. state of Louisiana. The parish seat is Baton Rouge, Louisiana's state capital. As of 2000, the population was 412,852. . Simultaneous to the execution of the Purchase and Sale Agreement, Genesis plans to enter into a purchase agreement with BP Products North America to move BP crude oil through Port Hudson. The transactions are expected to close during the second quarter of 2007. Grant E. Sims, Chief Executive Officer of Genesis said, "We are pleased to announce the acquisition of these strategic assets. They are complementary to Genesis' existing operations in South Louisiana as well as to the Davison businesses, the purchase of which we hope to close during the third quarter." Genesis Energy, L.P., operates crude oil common carrier pipelines and is an independent gatherer and marketer of crude oil and natural gas in North America, with operations concentrated in Texas, Louisiana, Alabama, Florida, and Mississippi. Genesis Energy, L.P. also operates a wholesale CO2 marketing business. This press release includes forward-looking statements 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion