Genesis Energy, L.P. (GEL) announced today that, on April 10, 2019, the Board of Directors of its general partner declared a distribution on Genesis’ common units and 8.75% Class A Convertible Preferred Units attributable to the quarter ended March 31, 2019. These distributions will be paid on May 15, 2019 to holders of record at the close of business on May 1, 2019.
Each holder of common units will be paid a quarterly cash distribution of $0.55 ($2.20 on an annualized basis) for each common unit held of record. With respect to the preferred units, Genesis declared a payment-in-kind of the portion of the quarterly distribution attributable to the first two months of the quarter, resulting in the issuance of an additional approximately 364,180 preferred units (“PIK units”), and for the portion of the quarterly distribution attributable to the final month of the quarter, Genesis will pay a cash distribution of $0.2458 for each preferred unit held of record. This distribution to the preferred units equates to a quarterly distribution of $0.7374 per preferred unit ($2.9496 on an annualized basis). The PIK units will be issued in book-entry form on the payment date. This is the final quarter that any portion of the quarterly distribution to the preferred units will be paid in PIK units.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the Gulf of Mexico.