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Genesis Energy, L.P. Increases Quarterly Distribution

Posted on: Thursday, 9 October 2008, 15:00 CDT

Genesis Energy, L.P. (AMEX:GEL) announced today that it will pay a regular quarterly distribution of $0.3225 per Common Unit for the quarter ended September 30, 2008. The distribution will be paid on November 14, 2008, to Common Unitholders of record at the close of business on November 4, 2008. This distribution represents an increase of approximately 19% over the third quarter 2007 quarterly distribution of $0.27 per unit. This is the thirteenth consecutive quarter in which Genesis has increased its quarterly distribution.

"With the solid coverage of our cash distributions, the approximately $160 million of undrawn debt capacity which is committed to us through October 2011, and the continuing solid performance of our increasingly integrated set of assets, we believe Genesis is well-positioned to respond to the future challenges and opportunities in the midstream energy space," said Grant E. Sims, Chief Executive Officer.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis engages in four business segments. The Pipeline Transportation Division is engaged in the pipeline transportation of crude oil, carbon dioxide and, to a lesser extent, natural gas. The Refinery Services Division primarily processes sour gas streams to remove sulfur at refining operations, principally located in Texas, Louisiana, and Arkansas. The Supply and Logistics Division is engaged in the transportation, storage and supply of energy products, including crude oil and refined products. The Industrial Gases Division produces and supplies industrial gases such as carbon dioxide and syngas. Genesis' operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, and Florida.

Source: Business Wire

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