Genesis Energy Q2 net income $35.3M vs loss $41.7M; raises 2022 EBITDA guidance to $670-680M

GENESIS ENERGY LP

2022-Q2 EPS reported -$0.06 revenue$1,353,672,000

Net income of $35.3M vs net loss of $41.7M in Q2 2021; Adjusted EBITDA of $210.1M (incl. $32M gain on asset sale).
Available Cash before Reserves to common unitholders $121.2M, providing 6.59X coverage for $0.15/unit quarterly distribution.
Full-year 2022 Adjusted EBITDA guidance raised to $670-680M; expects 2023 low-to-mid $700M range.
Leverage ratio (bank) at 4.49X as of June 30, target at or below 4.5X exit 2022 and near 4.0X exit 2023.
Segment highlights: offshore pipeline returning to normal ops; soda ash market structurally short; Granger expansion on schedule.

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