HOUSTON, Texas - Genesis Energy, L.P. (NYSE: GEL) on Nov. 8 announced its results for the third quarter ended Sept. 30, including the following:
- For the third quarter of 2011, GEL generated total available cash before reserves of $37.0 million. Available cash before reserves for the same period in 2010 was $28.1 million. Net cash provided by operating activities was $29.7 million and $23.4 million for the third quarter of 2011 and 2010, respectively.
- Net income attributable to the partnership for the third quarter of 2011 was $19.1 million as compared to net income attributable to the partnership of $5.1 million for the third quarter of 2010. For the third quarter of 2011, net income per common unit was $0.27. For the third quarter of 2010, the common unitholders' share of net income was $0.12 per unit.
- On Nov. 14, GEL paid a quarterly distribution of $0.4275 per unit for the third quarter of 2011. Based on the number of units outstanding during the third quarter, GEL’s available cash before reserves provided 1.2 times coverage for the quarterly distribution.
Grant Sims, CEO said "Once again, the partnership generated solid financial results. During the quarter, we successfully completed two financing transactions as well as the acquisition of additional assets to expand our black oil service capabilities."
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