Genesis Energy, L.P. (GEL) announced today that, on October 9, 2018, 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 September 30, 2018. These distributions will be paid on November 14, 2018 to holders of record at the close of business on October 31, 2018.
Each holder of common units will be paid a quarterly cash distribution of $0.54 ($2.16 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 quarterly distribution resulting in the issuance of an additional approximately 523,132 preferred units (“PIK units”). Each holder of a preferred unit will be paid through the issuance of 0.021875 PIK units (plus cash for any fractional unit based on $33.71 per unit) for each preferred unit held of record. This distribution 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.
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 (formerly known as supply and logistics). Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the Gulf of Mexico.