Genesis Energy L.P. Reports Second Quarter Results.HOUSTON--(BUSINESS WIRE)--Aug. 4, 1999-- Genesis Energy L.P. (NYSE NYSE See: New York Stock Exchange :GEL) announced today that its net income for the quarter ended June June: see month. 30, 1999, was $804,000, or $0.09 per unit. This compares to net income for the quarter ended June 30, 1998, of $811,000, or $0.09 per unit. Income before the reduction for the minority interests for the 1999 and 1998 periods was $1,005,000 and $1,014,000, respectively. Net income for the six months ended June 30, 1999, was $1,913,000, or $0.22 per unit. Income for the comparable 1998 period was $2,539,000, or $0.29 per unit. Income before the reduction for the minority interests for the 1999 and 1998 periods was $2,392,000 and $3,173,000, respectively. As previously announced, the Partnership will pay its regular quarterly distribution of $0.50 per Common Unit on August 13, 1999, to Common Unitholders of record at the close of business on July July: see month. 30, 1999. The second quarter distribution will be paid utilizing approximately $2.7 million cash available from the Partnership and $1.7 million cash provided by Salomon Noun 1. Salomon - American financier and American Revolutionary War patriot who helped fund the army during the American Revolution (1740?-1785) Haym 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. Holdings Inc. ("Salomon"), the majority interest holder of the general partner of the Partnership, pursuant to Salomon's distribution support obligation. Salomon previously has committed to provide cash distribution support in an amount up to $17.6 million through December December: see month. 31, 2001, with $15.9 million available after the second quarter distributions. Genesis may be required to draw again in 1999 on the cash distribution support from Salomon. 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 Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , 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 Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). and Oklahoma. 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)
Six Months Ended Six Months Ended
June 30, 1999 June 30, 1998
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Revenues $897,111 $1,212,070
Cost of Sales 885,021 1,199,687
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Gross Margin 12,090 12,383
General & Administrative
Expenses 6,039 5,521
Depreciation and Amortization
Expense 4,112 3,638
Nonrecurring Charge -- 373
-------------- -------------
Operating Income 1,939 2,851
Gains from Asset Sales 900 31
Interest and Other, Net (447) 291
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Income Before Minority
Interests 2,392 3,173
Minority Interests 479 634
-------------- -------------
Net Income $1,913 $2,539
============== =============
Net Income per Common Unit
Basic and Diluted $0.22 $0.29
Wellhead barrels per day 88,614 118,361
Pipeline barrels per day 92,190 87,123
Three Months Ended Three Months Ended
June 30, 1999 June 30, 1998
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Revenues $513,388 $561,813
Cost of Sales 507,067 555,766
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Gross Margin 6,321 6,047
General & Administrative
Expenses 3,016 2,780
Depreciation and Amortization
Expense 2,064 2,005
Main Pass Pipeline Shut-in
Costs -- 373
-------------- -------------
Operating Income 1,241 889
Gains from Asset Sales 31 12
Interest and Other, Net (267) 113
-------------- -------------
Income Before Minority
Interests 1,005 1,014
Minority Interests 201 203
-------------- -------------
Net Income $804 $811
============== =============
Net Income per Common Unit
Basic and Diluted $0.09 $0.09
Wellhead barrels per day 88,985 126,224
Pipeline barrels per day 95,590 84,753
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