Genesis Energy, L.p. · NYSE:GEL
Genesis Energy, L.p — Q3 2023 Earnings Presentation
11 slides from Genesis Energy, L.p's earnings presentation, Nov 2, 2023
Slide 1: Genesis Energy, L.P. 3Q 2023 Earnings Supplement
Genesis Energy, L.P. 3Q 2023 Earnings Supplement November 2, 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Actual results may vary materially. All statements
Slide 3: Key Takeaways
Key Takeaways Long-Term Thesis Remains Intact and Positive • Long-term outlook for Genesis remains constructive and unchanged – Excited about the expected ramp in earnings and increased financial flexibility in the coming years • In 2024 we expect to see continued volume growth offshore, strong perf
Slide 4: Genesis Energy, L.P. – 3Q 2023 Update
Genesis Energy, L.P. – 3Q 2023 Update Key Segment and Operational Highlights • Offshore Pipeline Transportation – Benefited from zero downtime associated with any weather-related 3Q 2023 Financial Results events and strong volumes from King’s Quay and other host fields – Continue to see a ramp in vo
Slide 5: 2023 Guidance
2023 Guidance Reaffirming Guidance for 2023 • Reaffirming Adjusted EBITDA(a) guidance range for 2023 2023 Financial Guidance – Expect to deliver full year results at or above the midpoint, if not approaching the top end of the range Adjusted EBITDA(a) $725 - $745 million – Results over the remainder
Slide 6: Reconciliations
Reconciliations
Slide 7: Balance Sheet & Credit Profile
Balance Sheet & Credit Profile Leverage Ratio & Common Unit Distribution Coverage Ratio ($ in 000s) 9/30/2023 Senior secured credit facility $198,400 Senior unsecured notes, net of debt issuance costs and premium 3,011,386 Less: Outstanding inventory financing sublimit borrowings (21,700) Less: Cash
Slide 8: Reconciliation: Segment Margin
Reconciliation Segment Margin ($ in 000s) YTD 2023 2022 2021 2020 2019 Net Income (Loss) Attributable to Genesis Energy, LP $105,770 $75,457 ($165,067) ($416,678) $95,999 Corporate general and administrative expenses 52,580 71,820 61,287 51,457 52,755 Depreciation, depletion, amortization and accret
Slide 9: Reconciliation: Available Cash Before Reserves
Reconciliation Available Cash Before Reserves ($ in 000s) YTD 2023 2022 2021 2020 2019 Net income (loss) attributable to Genesis Energy, L.P. $105,770 $75,457 ($165,067) ($416,678) $95,999 Interest expense 184,057 226,156 233,724 209,779 219,440 Income tax expense 1,748 3,169 1,670 1,327 655 Gain on
Slide 10: Reconciliation: Adjusted Debt & Adjusted Consolidated EBITDA
Reconciliation Adjusted Debt & Adjusted Consolidated EBITDA ($ in 000s) Long-term debt 9/30/2023 2022 2021 2020 2019 Senior secured credit facility $198,400 $205,400 $49,000 $643,700 $959,300 Senior unsecured notes, net of debt issuance costs and premium 3,011,386 2,856,312 2,930,505 2,750,016 2,469
Slide 11: Reconciliation: Select Items
Reconciliation Select Items ($ in 000s) YTD 2023 2022 2021 2020 2019 Applicable to all Non-GAAP Measures Differences in timing of cash receipts for certain contractual arrangements (a) $33,519 $51,102 $15,482 $40,848 ($8,478) (b) Distributions from unrestricted subsidiaries not included in income -