GEL Q1 net loss narrows to $5.3M; announces $500M Gulf of Mexico pipeline expansion

GENESIS ENERGY LP

2022-Q1 EPS reported -$0.20 revenue$631,947,000

Net loss attributable to GEL of $5.3M vs $34.2M loss in Q1 2021; Adjusted EBITDA $143.1M.
Total Segment Margin $157.5M; Available Cash before Reserves $55.7M, coverage 3.03x on $0.15/unit distribution.
Entered agreements to transport crude from two deepwater developments (160K bbl/d capacity); expects ~$500M capex for CHOPS expansion & SYNC pipeline.
Sold Independence Hub platform for $40M gross ($32M net to GEL); combined with prior CHOPS sale pre-funds most expansion capex.
Raises 2022 guidance to high end: Segment Margin $620-640M, Adjusted EBITDA $565-585M (excl. Independence Hub gain).

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