Genesis Energy, L.P. (NYSE:GEL) Q3 2023 Earnings Call Transcript
Genesis Energy, L.P. (NYSE:GEL) Q3 2023 Earnings Call Transcript November 2, 2023
Operator: Greetings. And welcome to the Genesis Energy L.P. Q3 2023 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dwayne Morley, Vice President of Investor Relations. Thank you, Mr. Morley. You may begin.
Dwayne Morley: Good morning. Welcome to the 2023 third quarter conference call for Genesis Energy. Genesis has four business segments. The Offshore Pipeline Transportation segment is engaged in providing the critical infrastructure to move oil produced from the long-lived world-class reservoirs from the deepwater Gulf of Mexico to onshore refining centers. Sodium and Sulfur Services segment includes trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as the processing of sour gas streams to remove sulfur at refining operations. The Onshore Facilities and Transportation segment is engaged in the transportation, handling, blending, storage and supply of energy products, including crude oil and refined products.
The Marine Transportation segment is engaged in the maritime transportation of primarily refined petroleum products. Genesis’ operations are primarily located in Wyoming, Gulf Coast states and the Gulf of Mexico. During this conference call, management may be making forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The law provides Safe Harbor provision -- protection to encourage companies to provide forward-looking information. Genesis intends to avail itself of those Safe Harbor provisions and directs you to its most recently filed and future filings with the Securities and Exchange Commission. We also encourage you to visit our website at genesisenergy.com, where a copy of the press release we issued today is located.
A pipeline snaking through a desert canyon, representing a energy's transport infrastructure.
The press release also presents a reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures. At this time, I would like to introduce Grant Sims, CEO of Genesis Energy, L.P. Mr. Sims will be joined by Kristen Jesulaitis, Chief Financial Officer and Chief Legal Officer; Ryan Sims, President and Chief Commercial Officer; and Louie Nicol, Chief Accounting Officer.
Grant Sims: Thanks, Dwayne. Good morning to everyone and thank you for listening to the call. We’ve seen a steady increase in the number of registered participants for our earnings calls over the last few quarters and we’re encouraged that our story is generating interest from an increasing number of both fixed income, as well as equity investors. As we mentioned in our earnings release this morning, our financial results for the third quarter were ahead of our internal expectations and once again demonstrated the resilient earnings power of our diversified market leading businesses. While our Offshore Pipeline Transportation segment continued to benefit from steady volumes across our existing footprint and the increasing volumes from BP’s Argos facility, we also saw an uplift of some $8 million to $10 million as a result of zero downtime associated with any weather-related events in the Gulf of Mexico that would have otherwise caused our shippers to limit their production activities during the quarter.
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