Genesis Energy, L.P. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 06:00 am EDT
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Genesis Energy, L.P. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 804.66 million compared to USD 721.73 million a year ago. Net income was USD 49.34 million compared to USD 35.35 million a year ago. Basic earnings per share from continuing operations was USD 0.22 compared to USD 0.14 a year ago.
For the six months, sales was USD 1,595.27 million compared to USD 1,353.67 million a year ago. Net income was USD 47.7 million compared to USD 30.1 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to basic loss per share from continuing operations of USD 0.06 a year ago.
Genesis Energy L.P. is a provider of integrated suite of midstream services to the Gulf of Mexico and the Gulf Coast region of the crude oil and natural gas industry, and producer of natural soda ash. The Company operates through four segments: Offshore Pipeline Transportation, Sodium and Sulfur Services, Onshore Facilities and Transportation, and Marine Transportation. Its Offshore Pipeline Transportation segment includes its offshore crude oil and natural gas pipeline transportation and handling operations in the Gulf of Mexico. Its Sodium and Sulfur Services segment includes its alkali business and its sulfur removal business. Its Onshore Facilities and Transportation segment owns and/or leases its range of onshore crude oil and refined products infrastructure, including pipelines, trucks, terminals, and rail unloading facilities. The Companyâs Marine Transportation segment is a provider of transportation services by tank barge primarily for intermediate refined petroleum products.