Genesis Energy L.P. Reports Third Quarter Results.Business & Energy Editors HOUSTON--(BUSINESS WIRE)--Nov. 3, 2000 Genesis Energy L.P. (NYSE NYSE See: New York Stock Exchange :GEL gel: see colloid. ) announced today that its net income for the quarter ended Sept. 30, 2000, was $1,520,000, or $0.17 per unit. This compares to net income for the quarter ended Sept. 30, 1999, of $254,000, or $0.03 per unit. Income before the reduction for the minority interests for the 2000 and 1999 periods was $1,900,000 and $317,000, respectively. Excluding the noncash impacts of marked-to-market Marked-to-market An arrangement whereby the profits or losses on a futures contract are settled each day. accounting for written option contracts, income before the reduction for minority interests for the quarter ended Sept. 30, 2000, was $1,013,000. Net income for the nine months ended Sept. 30, 2000, was $949,000, or $0.11 per unit. Income for the comparable 1999 period was $2,167,000, or $0.25 per unit. Income before the reduction for the minority interests for the 2000 and 1999 periods was $1,186,000 and $2,709,000, respectively. Excluding the noncash impacts of marked-to-market accounting for written option contracts, income before the reduction for minority interests for the nine months ended Sept. 30, 2000, was $887,000. As previously announced, the Partnership will pay its regular quarterly distribution of $0.50 per Common Unit on Nov. 14, 2000, to Common Unitholders of record at the close of business on Oct. 31, 2000. The third quarter distribution will be paid utilizing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.9 million, or $0.22 per common unit, of cash available from the Partnership and $2.5 million, or $0.28 per common unit, of 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"), pursuant to Salomon's distribution support obligation. The Distribution Support Agreement provides for distribution support from Salomon in an aggregate amount up to $17.6 million through Dec. 31, 2001. After the third quarter distribution, $13.8 million of Salomon's distribution support will have been utilized and $3.8 million will remain available through Dec. 31, 2001, or until such amount is fully utilized, whichever occurs sooner. A special meeting of unitholders of Genesis Energy L.P. will be held on Dec. 7, 2000, to consider and vote upon a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). proposal, as described in the proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. mailed to unitholders on Oct. 23, 2000. 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 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 Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). . 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. (tables to follow)
Genesis Energy L.P.
Summary Consolidated Statements of Operations
(in thousands except per unit amounts and volumes)
Nine Months Nine Months
Ended Ended
Sept. 30, 2000 Sept. 30, 1999
-------------- --------------
Revenues $3,289,771 $1,490,928
Cost of Sales 3,273,526 1,473,377
----------- -----------
Gross Margin (A) 16,245 17,551
General & Administrative Expenses 8,161 8,779
Depreciation and Amortization
Expense 6,129 6,166
----------- -----------
Operating Income 1,955 2,606
Gains from Asset Sales 36 845
Interest, Net (805) (742)
----------- -----------
Income Before Minority Interests 1,186 2,709
Minority Interests 237 542
----------- -----------
Net Income $949 $2,167
=========== ===========
Net Income per Common Unit
Basic and Diluted $0.11 $0.25
Wellhead barrels per day 100,852 91,572
Pipeline barrels per day 89,512 94,951
Three Months Three Months
Ended Ended
Sept. 30, 2000 Sept. 30, 1999
-------------- --------------
Revenues $1,093,032 $593,817
Cost of Sales 1,086,128 588,356
----------- -----------
Gross Margin (B) 6,904 5,461
General & Administrative Expenses 2,785 2,740
Depreciation and Amortization
Expense 2,048 2,054
----------- -----------
Operating Income 2,071 667
Gains (losses) from Asset Sales 16 (55)
Interest, Net (187) (295)
----------- -----------
Income Before Minority Interests 1,900 317
Minority Interests 380 63
----------- -----------
Net Income $1,520 $254
=========== ===========
Net Income per Common Unit
Basic and Diluted $0.17 $0.03
Wellhead barrels per day 98,601 97,357
Pipeline barrels per day 87,889 100,383
(A) Total includes noncash marked-to-market impact of $0.3 million in
the nine months ended Sept. 30, 2000.
(B) Total includes noncash marked-to-market impact of $0.9 million in
the three months ended Sept. 30, 2000.
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