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Houston’s Genesis Energy L.P. Moves to the New York Stock Exchange

Texas Business reports:  Houston’s Genesis Energy L.P. announced today that it has received authorization to list its limited partner units on the New York Stock Exchange.

Trading is scheduled to begin September 15 under the symbol “GEL.”

The New York Stock Exchange is the largest equities stock exchange in the world. To list a company stock on the NYSE adds visibility and significantly enhances the firm’s reputation.

To be listed, a corporation must meet specified criteria, including at least 400 U.S. shareholders or 5,000 worldwide.

There must be at least 1.1 million shares in public hands in the United States or 2.5 million shares held by international investors, and the value of shares held by non-insider investors must total at least $100 million (unless the company has been spun off a NYSE company).  The shares must trade for at least $4.

“Genesis Energy has grown significantly in recent years,” said chief executive Grant Sims in a prepared statement.  “The partnership is well positioned to add further value for our partners. Joining other leading companies on the New York Stock Exchange is an important next step in this process.”

Genesis Energy, L.P. has notified the NYSE Amex that it will voluntarily delist its limited partner units from the NYSE Amex.

The last day of trading of the company's common stock on the NYSE Amex is expected to be on or about September 14, 2010.

Until the partnership's limited partner units begin trading on the NYSE, the partnership's units will remain trading on the NYSE Amex under the existing symbol "GEL."

Genesis Energy L.P. is a diversified midstream energy master limited partnership headquartered in Houston. Genesis engages in four business segments. The Pipeline Transportation Division is engaged in the pipeline transportation of crude oil and carbon dioxide. The Refinery Services Division primarily processes sour gas streams to remove sulfur at refining operations, principally located in Texas, Louisiana, and Arkansas. The Supply and Logistics Division is engaged in the transportation, storage and supply of energy products, including crude oil and refined products. The Industrial Gases Division produces and supplies industrial gases such as carbon dioxide and syngas. Genesis' operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, and Florida.