Genesis Energy(US:GEL)2023-08-03 19:56Financial Performance & Guidance - The company is revising its Adjusted EBITDA guidance range for 2023[1] - The revised Adjusted EBITDA guidance is between $725 million and $745 million[33], which at its midpoint, represents an 8%-10% increase over 2022 results, excluding ~$41 million of non-recurring income recognized in 2022[8, 32] - The company's Adjusted EBITDA for the year 2023 is $377062 thousand[2], compared to $717071 thousand in 2022[2] - The company's net income attributable to Genesis Energy, L.P. for 2023 is $47700 thousand[2], compared to $75457 thousand in 2022[2] - The company's available cash before reserves for 2023 is $173946 thousand[2], compared to $352648 thousand in 2022[2] Debt & Leverage - As of June 30, 2023, the company's Adjusted Debt is $3116069 thousand[4, 10] - The Adjusted Consolidated EBITDA is $778670 thousand[4, 11] - The Adjusted Debt / Adjusted Consolidated EBITDA ratio is 400x[4, 13] - The company expects to exit 2023 with a leverage ratio at or near 400x[32, 39] Capital Expenditures & Projects - Total growth capital expenditures for 2023 are expected to be between $400 million and $450 million[33] - The company is focused on two major projects: completing the Granger expansion (approximately $75-$100 million) and the SYNC lateral and CHOPS expansion (approximately $300-$350 million)[32] Segment Performance - In Q2 2023, Offshore Pipeline Transportation generated $93300 thousand in segment margin[27] - Soda & Sulfur Services generated $89255 thousand, Marine Transportation generated $25758 thousand, and Onshore Facilities & Transportation generated $6305 thousand in segment margin[27] - Total Segment Margin for Q2 2023 was $214618 thousand[27]