Genesis Energy LP (GEL) will cut its quarterly distribution by 72.7 percent to 15 cents quarterly in 2020. Last year the MLP raised its quarterly distribution by 1.9 percent to $0.55 per unit. In 2017 Genesis Energy cut its distribution by 28.6 percent ending a streak of 14 consecutive years of higher distributions paid.

The next distribution will be paid on May 15, 2020 to holders of record at the close of business on May 1, 2020. A new annualized distribution rate of $0.60 per unit yields an estimated 10.9% at a price of $5.50 for Genesis Energy LP.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas.  Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation (formerly known as supply and logistics). Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the Gulf of Mexico. Genesis Energy has been paying distributions every year since 1997.