Genesis Energy gains on upbeat 2023 core earnings outlook
22/02/2023 15:51
** Shares of pipeline operator Genesis Energy LP GEL.N rise 8.2% to $11.79
** Stock to see its best day over five months if gains hold
** Co forecast 2023 adjusted core earnings in the range of $780 mln–$810 mln
vs avg analysts' estimate of $762.2 mln - Refinitiv
** "We continue to see a significant amount of activity in the Gulf of
Mexico, including new in-field development wells and new sub-sea tiebacks to
existing deepwater production facilities for which we are the exclusive provider
of midstream services," says CEO Grant Sims
** Co reports a net profit of $42 mln for the fourth quarter compared with a
year-ago loss of $68.3 mln
** GEL also reports adjusted core earnings of $180.2 million for the fourth
quarter vs avg analysts' estimate of $176.8 mln - Refinitiv
** Including the session's gains, stock has gained 12.7% YTD
(Reporting by Sourasis Bose in Bengaluru)
((Sourasis.bose@thomsonreuters.com))