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April 14, 2014
08:13 EDTGELGenesis Energy announces resignation of COO
Genesis Energy announced that its president and COO, Steve Nathanson, has provided notice that he intends to resign those positions effective April 30 to spend additional time with his family, church and community affairs in Louisiana and Mississippi. He has agreed to serve in an advisory capacity for the next three years to ensure a smooth transition and the completion of several major projects.
News For GEL From The Last 14 Days
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July 29, 2015
07:09 EDTGELGenesis Energy reports Q2 EPS 12c, consensus 31c
Reports Q2 revenue $656.32M, consensus $707.52M.
July 24, 2015
07:10 EDTGELGenesis Energy completes acquisition of Enterprise offshore pipeline
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July 20, 2015
10:00 EDTGELOn The Fly: Analyst Upgrade Summary
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08:09 EDTGELGenesis Energy acquisition of pipeline stakes positive, says RBC Capital
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07:27 EDTGELGenesis Energy reports full exercise of underwriters' option to purchase shares
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05:27 EDTGELGenesis Energy upgraded to Outperform from Market Perform at Wells Fargo
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July 17, 2015
13:19 EDTGELGenesis Energy price target raised to $68 on acquisition at Credit Suisse
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06:09 EDTGELGenesis Energy 9M share Secondary priced at $43.77
Wells Fargo, BofA/Merrill, Citi, Deutsche Bank, Barclays, Credit Suisse, UBS, Raymond James, RBC Capital and BMO Capital acted as joint book running managers for the offering.
July 16, 2015
06:38 EDTGELGenesis Energy files to sell 9M common units for limited partners
Genesis Energy intends to use the net proceeds from the offering to fund a portion of the purchase price for the recently announced pending acquisition of the offshore pipeline and services business of Enterprise Products Operating LLC and its affiliates. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, Barclays, Credit Suisse, UBS Investment Bank, Raymond James, RBC Capital Markets, and BMO Capital Markets are acting as joint book-running managers for the offering and Baird, Oppenheimer & Co. and Janney Montgomery Scott are acting as co-managers.
06:32 EDTGELGenesis Energy to acquire Enterprise offshore pipeline and services business
Genesis Energy (GEL) announced that it has entered into a purchase and sale agreement with an affiliate of Enterprise Products (EPD) to acquire the offshore pipeline and services business of Enterprise and its affiliates for approximately $1.5B. All closing conditions, other than those that are to be satisfied at the closing of the acquisition, have been satisfied or waived. The acquisition is expected to close in July 2015. The Enterprise offshore business assets include approximately 2,350 miles of offshore crude oil and natural gas pipelines and six offshore hub platforms, including a 36% interest in the Poseidon Oil Pipeline System, a 50% interest in the Southeast Keathley Canyon Oil Pipeline System and a 50% interest in the Cameron Highway Oil Pipeline System. The Enterprise offshore business assets will complement and substantially expand our existing offshore pipelines segment, which is primarily comprised of our interests in three oil pipelines—Poseidon, SEKCO, and CHOPS. The Enterprise offshore business generates a substantial majority of its cash flow under long-term, fee-based contracts with high-quality customers and no direct exposure to commodity prices. Genesis Energy expects that the shippers on the crude oil pipelines in the Gulf of Mexico, which are mostly integrated and large independent energy companies, will continue to explore for and develop capital intensive, large-reservoir, and long-lived properties throughout the Gulf of Mexico even in the current lower commodity price environment. Genesis Energy believes that the continued exploration and development in the Gulf of Mexico combined with increased footprint after the acquisition of the Enterprise offshore business will provide the company with additional opportunities to develop organic growth projects in the offshore pipeline segment.

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