Genesis Energy, L.P. announces earnings for first quarter 1997

Business Wire, April 30, 1997

HOUSTON--(BUSINESS WIRE)--April 30, 1997--Genesis Energy, L.P. (NYSE:GEL) announced today that its net income for the quarter ended March 31, 1997, was $2,744,000 or $0.31 per common unit. Income before the reduction for the minority interests was $3,430,000. Genesis Energy, L.P., was formed in December of 1996 to acquire the crude oil gathering, marketing and transportation assets of Basis Petroleum, Inc., and of Howell Corporation.

As previously announced, the Partnership will pay its first quarterly distribution of $0.66 per Common Unit on May 15, 1997, to Common Unitholders of record at the close of business on April 30, 1997. This first distribution was increased to include twenty-nine days from December 3, 1996, the closing date of the Initial Public Offering.

Genesis Energy, L.P., operates crude oil common carrier pipelines and is one of the largest independent gatherers and marketers of crude oil in North America, with operations concentrated in Texas, Louisiana, Alabama, Florida, Mississippi, New Mexico, Kansas and Oklahoma. -0-

                    Genesis Energy, L.P.
        Summary Consolidated Statement of Operations
          For the Three Months Ended March 31, 1997
            (in thousands except per unit amount)


Revenues                                 $946,482
Cost of Sales                             939,448
Gross Margin                                7,034
General & Administrative Expenses           2,133
Depreciation and Amortization Expense       1,565
Operating Income                            3,336
Interest, Net                                  94
Income Before Minority Interests            3,430
Minority Interests                            686
Net Income                                $ 2,744
Net Income per Common Unit                $  0.31


             Summary Consolidated Balance Sheet
                       March 31, 1997
                       (in thousands)

Current Assets                           $362,259
Property, net                              87,946
Other Assets, net                          10,482
Total Assets                             $460,687

Current Liabilities                      $345,920
Minority Interests                         26,943
Partners' Capital                          87,824
Total Liabilities and Partners' Capital  $460,687