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GEL Genesis Energy

Genesis Energy LP operates as a master limited partnership, which focuses on midstream segment of the oil and gas industry. It provides suite of midstream services and produces natural soda ash. The company operates through the following segments: Offshore Pipeline Transportation, Sodium Minerals & Sulfur Services, Onshore Facilities & Transportation and Marine Transportation. The Offshore Pipeline Transportation segment owns interests in crude oil and natural gas pipeline transportation and handling operations through its offshore pipeline transportation segment, which focuses on providing a suite of services to integrated and large independent energy companies who make intensive capital investments to develop numerous large-reservoir, long-lived crude oil and natural gas properties in the gulf of Mexico, primarily offshore Texas, Louisiana, Mississippi and Alabama. The Sodium Minerals & Sulfur Services segment owns the leasehold position of accessible trona ore reserves in the Green River trona patch, a geological formation holding the vast majority of the world's accessible trona ore reserves. The Onshore Facilities & Transportation segment owns and leases integrated suite of onshore crude oil and refined products infrastructure, including pipelines, trucks, terminals, railcars, and rail loading and unloading facilities. The Marine Transportation segment provides transportation services. Genesis Energy was founded in December 1996 and is headquartered in Houston, TX.

GEL stock data

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Calendar

5 May 21
24 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 33.79M 33.79M 33.79M 33.79M 33.79M 33.79M
Cash burn (monthly) (positive/no burn) 643.5K 9.74M 38.07M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 1.79M 27.15M 106.12M n/a n/a
Cash remaining n/a 31.99M 6.64M -72.33M n/a n/a
Runway (months of cash) n/a 49.7 0.7 -1.9 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
2 Apr 21 James E Davison Common Units - Class A Sale back to company Dispose D No No 9.14 1,246 11.39K 2,605,994
2 Apr 21 James E Davison Common Units - Class A Option exercise Aquire M No No 0 1,246 0 2,607,240
2 Apr 21 James E Davison Phantom Units Common Units - Class A Option exercise Dispose M No No 0 1,246 0 28,039
2 Apr 21 Kenneth M Jastrow Ii Common Units - Class A Sale back to company Dispose D No No 9.14 1,401 12.81K 150,000
2 Apr 21 Kenneth M Jastrow Ii Common Units - Class A Option exercise Aquire M No No 0 1,401 0 151,401
2 Apr 21 Kenneth M Jastrow Ii Phantom Units Common Units - Class A Option exercise Dispose M No No 0 1,401 0 31,546
2 Apr 21 Taylor Jack T Common Units - Class A Sale back to company Dispose D No No 9.14 1,277 11.67K 32,865
2 Apr 21 Taylor Jack T Common Units - Class A Option exercise Aquire M No No 0 1,277 0 34,142
2 Apr 21 Taylor Jack T Phantom Units Common Units - Class A Option exercise Dispose M No No 0 1,277 0 28,741
2 Apr 21 Albert Conrad P Common Units - Class A Sale back to company Dispose D No No 9.14 1,277 11.67K 15,000

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

64.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 115 111 +3.6%
Opened positions 18 13 +38.5%
Closed positions 14 9 +55.6%
Increased positions 29 25 +16.0%
Reduced positions 34 43 -20.9%
13F shares
Current Prev Q Change
Total value 987.23M 586.26M +68.4%
Total shares 79.58M 78.51M +1.4%
Total puts 107.1K 265.7K -59.7%
Total calls 232.4K 534.3K -56.5%
Total put/call ratio 0.5 0.5 -7.3%
Largest owners
Shares Value Change
IVZ Invesco 14.66M $136.91M -4.1%
Alps Advisors 14.56M $135.96M +5.9%
JPM JPMorgan Chase & Co. 11.16M $104.26M -3.7%
RR Advisors 5.75M $53.71M +0.3%
Mirae Asset Global Investments 5.08M $47.41M +26.0%
Chickasaw Capital Management 4.98M $46.49M +9.1%
Salient Capital Advisors 3.93M $36.7M -13.2%
Clearbridge Advisors 3.29M $30.72M -1.7%
MS Morgan Stanley 2.37M $22.12M -35.2%
UBS UBS Group AG - Registered Shares 1.16M $10.86M -8.8%
Largest transactions
Shares Bought/sold Change
MS Morgan Stanley 2.37M -1.29M -35.2%
Mirae Asset Global Investments 5.08M +1.05M +26.0%
First Trust Advisors 0 -873.85K EXIT
Alps Advisors 14.56M +806.85K +5.9%
Natixis 729.1K +729.1K NEW
IVZ Invesco 14.66M -625.32K -4.1%
BMO Bank of Montreal 1.01M +624.74K +160.4%
Salient Capital Advisors 3.93M -597.7K -13.2%
Cooper Creek Partners Management 547.05K +547.05K NEW
GS Goldman Sachs 1.1M +518.37K +88.8%

Financial report summary

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Risks
  • We may not be able to fully execute our growth strategy due to various factors, such as unreceptive capital markets and/or excessive competition for acquisitions.
  • We may not have sufficient cash from operations to pay the current level of quarterly distribution following the establishment of cash reserves and payment of fees and expenses.
  • Our profitability and cash flow are dependent on our ability to increase or, at a minimum, maintain our current commodity-crude oil, natural gas, refined products, soda ash, NaHS and caustic soda-volumes, which often depend on actions and commitments by parties beyond our control.
  • Our sulfur removal operations are dependent upon the supply of caustic soda, the demand for NaHS, and the continuing operations of the refiners for whom we process sour natural gas.
  • Our crude oil and natural gas transportation operations are dependent upon demand for crude oil by refiners, primarily in the Midwest and Gulf Coast, and the demand for natural gas.
  • We face intense competition to obtain crude oil, natural gas and refined products volumes.
  • Many of our crude oil and natural gas transportation customers are producers whose drilling activity levels and spending for transportation have been, and may continue to be, impacted by the deterioration in the commodity markets.
  • Fluctuations in prices for crude oil, refined petroleum products, NaHS, soda ash and caustic soda could adversely affect our business.
  • Our use of derivative financial instruments could result in financial losses.
  • Non-utilization of certain assets could significantly reduce our profitability due to the fixed costs incurred with respect to such assets.
  • We cannot cause our joint ventures and certain of our unrestricted subsidiaries to take or not to take certain actions unless some or all of the joint venture or third party participants agree.
  • We may not be able to renew our marine transportation time charters and contracts when they expire at favorable rates, for extended periods, or at all, which may increase our exposure to the spot market and lead to lower revenues and increased expenses.
  • A decrease in the cost of importing refined petroleum products could cause demand for U.S. flag product carrier and barge capacity and charter rates to decline, which would decrease our revenues and our ability to pay cash distributions on our units.
  • We face periodic dry-docking costs for our vessels, which can be substantial.
  • The U.S. inland waterway infrastructure is aging and may result in increased costs and disruptions to our marine transportation segment.
  • Failure to obtain or renew surety bonds on acceptable terms could affect our ability to secure reclamation obligations and, therefore, our ability to conduct our mining operations.
  • Our actual construction, development and acquisition costs could exceed our forecast, and our cash flow from construction and development projects may not be immediate.
  • Fluctuations in interest rates could adversely affect our business.
  • Our operations are subject to federal, state and local environmental protection and safety laws and regulations.
  • Climate change legislation and regulatory initiatives may decrease demand for the products we store, transport and sell and increase our operating costs.
  • Regulation of the rates, terms and conditions of services and a changing regulatory environment could affect our financial position, results of operations or cash flow.
  • Our business would be adversely affected if we failed to comply with the Jones Act foreign ownership provisions.
  • Our business would be adversely affected if the Jones Act provisions on coastwise trade or international trade agreements were modified or repealed or as a result of modifications to existing legislation or regulations governing the crude oil and natural gas industry in response to the recent lifting of the crude oil export ban and the Deepwater Horizon drilling rig incident in the U.S. Gulf of Mexico and subsequent crude oil spill.
  • Individual members of the Davison family can exert significant influence over us and may have conflicts of interest with us and may be permitted to favor their interests to the detriment of our other unitholders.
  • Our Class B Common Units may be transferred to a third party without unitholder consent, which could affect our strategic direction.
  • Our general partner has a limited call right that may require unitholders to sell their units at an undesirable time or price.
  • The interruption of distributions to us from our subsidiaries and joint ventures could affect our ability to make payments on indebtedness or cash distributions to our unitholders.
  • We do not have the same flexibility as other types of organizations to accumulate cash and equity to protect against illiquidity in the future.
  • Unitholders may have liability to repay distributions that were wrongfully distributed to them.
  • Unitholder liability may not be limited if a court finds that unitholder action constitutes control of our business.
  • The tax treatment of publicly traded partnerships or an investment in our units could be subject to potential legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis.
  • A successful IRS contest of the federal income tax positions we take may adversely affect the market for our units, and the costs of any IRS contest would reduce our cash available for distribution to our unitholders and our general partner.
  • Our unitholders will be required to pay taxes on income (as well as deemed distributions, if any) from us even if they do not receive any cash distributions from us.
  • Tax gain or loss on the disposition of our units could be more or less than expected.
  • Unitholders may be subject to limitations on their ability to deduct interest expense by us.
  • Tax-exempt entities and non-U.S. persons face unique tax issues from owning our units that may result in adverse tax consequences to them.
  • We will treat each purchaser of our common units as having the same tax benefits without regard to the common units actually purchased. The IRS may challenge this treatment, which could adversely affect the value of our common units.
  • Our unitholders will likely be subject to state and local taxes in states where they do not live as a result of an investment in our units.
  • We have subsidiaries that are treated as corporations for federal income tax purposes and subject to corporate-level income taxes.
  • We generally prorate our items of income, gain, loss and deduction between transferors and transferees of our units each month based upon the ownership of our units on the first day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss, and deduction among our unitholders.
  • A unitholder whose units are loaned to a “short seller” to cover a short sale of units may be considered as having disposed of those units. If so, such unitholder would no longer be treated for tax purposes as a partner with respect to those units during the period of the loan and may recognize gain or loss from the disposition.
  • We are exposed to the credit risk of our customers in the ordinary course of our business activities.
  • A natural disaster, pandemic, epidemic, accident, terrorist attack or other interruption event could result in an economic slowdown, severe personal injury, property damage and/or environmental damage, which could curtail our operations or otherwise adversely affect our assets and cash flow.
  • The widespread outbreak of an illness, pandemic (like Covid-19) or any other public health crisis may have material adverse effects on our business, financial position, results of operations and/or cash flows.
  • Our business could be negatively impacted by security threats, including cybersecurity threats, and related disruptions.
  • We may issue additional common units without unitholder’s approval, which would dilute their ownership interests.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • We reported Net Loss Attributable to Genesis Energy, L.P. of $34.2 million during the 2021 Quarter compared to Net Income Attributable to Genesis Energy, L.P. of $24.9 million during the 2020 Quarter. Net Loss Attributable to Genesis Energy, L.P. in the 2021 Quarter was impacted, relative to the 2020 Quarter, by: (i) lower Segment Margin of $13.2 million, which is inclusive of approximately $12.3 million of incremental cash receipts received in the 2021 Quarter associated with principal repayments on our previously owned NEJD pipeline not included in income and included in the 2021 Quarter's Segment Margin; and (ii) an unrealized loss from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units of $18.4 million in the 2021 Quarter compared to an unrealized gain of $32.5 million during the 2020 Quarter recorded within Other income (expense). These decreases were partially offset by (i) lower depreciation, depletion and amortization expense of $8.1 million during the 2021 Quarter primarily due to lower depreciation expense on our rail logistics assets as they were impaired during the second quarter of 2020, and (ii) higher equity in earnings of equity investees of $6.5 million during the 2021 Quarter primarily due to increased volumes on our 64% owned Poseidon oil pipeline.
  • Cash flow from operating activities was $77.2 million for the 2021 Quarter compared to $89.6 million for the 2020 Quarter. This decrease is primarily attributable to lower Segment Margin of $13.2 million in the 2021 Quarter.
Content analysis
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H.S. sophomore Avg
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