Genesis Energy, L.P. Completes Acquisition of M/T American Phoenix

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HOUSTON--(BUSINESS WIRE)--

Genesis Energy, L.P. GEL announced today that it has completed the previously announced acquisition of the M/T American Phoenix from Mid Ocean Tanker Company. The purchase price was approximately $157 million. The American Phoenix is a modern, double-hulled, Jones Act qualified tanker with 330,000 barrels of cargo capacity. The vessel is operating under long term charters into 2020 with high quality counterparties, including a major integrated oil company.

Grant Sims, Genesis' Chief Executive Officer, said, “The acquisition of this high quality vessel represents a significant step forward in the development of our marine transportation business and further expands our logistical capabilities, creating long-term value for all our stakeholders.”

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis' operations include pipeline transportation, refinery services and supply and logistics. The Pipeline Transportation Division is engaged in the pipeline transportation of crude oil and carbon dioxide. The Refinery Services Division primarily processes sour gas streams to remove sulfur at refining operations. The Supply and Logistics Division is engaged in the transportation, storage and supply and marketing of energy products, including crude oil, refined products and certain industrial gases. Genesis' operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida and the Gulf of Mexico.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved, including statements regarding closing of the transaction. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.

Genesis Energy, L.P.
Bob Deere, 713-860-2516
Chief Financial Officer

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Posted In: Press Releases
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