Genesis Energy, L.P. Reports Third Quarter 2018 Results

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Go back to Genesis Energy, L.P. Reports Third Quarter 2018 Results

Genesis Energy (GEL) Reports Q3 Loss of $0.15, Revenues Beat

November 1, 2018 6:19 AM EDT

Genesis Energy (NYSE: GEL) reported Q3 EPS of ($0.15), versus $0.20 reported last year. Revenue for the quarter came in at $745.28 million versus the consensus estimate of $742.15 million.

Grant Sims, CEO of Genesis Energy, said, On October 11, 2018, we completed the sale of our Powder River Basin midstream assets for net proceeds of approximately $300 million inclusive of the $30 million option payment we received in August. We used the net proceeds to reduce the balance outstanding under revolving credit facility. As the terms of our facility requires pro forma credit for this transaction, we were pleased to report... More