secwatch.observer — SEC 8-K summary
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Issuer:     GENESIS ENERGY LP (GEL)
CIK:        0001022321
Form:       8-K
Filed at:   2022-05-04T23:59:59+00:00
Accession:  0001022321-22-000036
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1022321/000102232122000036/0001022321-22-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1022321/000102232122000036/gel-20220504.htm
  HTML page:      https://secwatch.observer/filing/0001022321-22-000036

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