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Slide #59. Genesis Energy, L.P. — All the Assets of the Downstream Transportation Business of Hornbeck Offshore Transportation
Genesis Energy, L.P. (NYSE:GEL)
All the Assets of the Downstream Transportation Business of Hornbeck Offshore Transportation
Genesis Energy, L.P. (NYSE:GEL) announced today that it has completed the previously announced acquisition of all the assets of the downstream transportation business of Hornbeck Offshore Transportation, LLC ("Hornbeck"). The purchase price was approximately $230 million plus customary adjustments. The acquired business is primarily comprised of nine barges and nine tug boats which transport crude oil and refined petroleum products, principally serving refineries and storage terminals along the Gulf Coast, Eastern Seaboard, Great Lakes and Caribbean. Hornbeck and Genesis have also entered into transition service agreements to facilitate a smooth transition of operations and uninterrupted services for both employees and customers.
Genesis Energy is a limited partnership focused on the midstream segment of the crude oil and natural gas industry in the Gulf of Mexico and the Gulf Coast region of the U.S. Co. provides an integrated suite of services to refiners, crude oil and natural gas producers, and industrial and commercial enterprises and has a portfolio of assets, including pipelines, offshore hub and junction platforms, refinery-related plants, storage tanks and terminals, railcars, rail unloading facilities, barges and other vessels, and trucks. Co. has four segments: offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation.
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