BPAQF - Genesis Energy: A Few Opportunities But Debt Load Is Concerning

• Genesis Energy is a very unique midstream company that operates in a few business segments that we do not typically see in the sector.
• The company's struggling barge unit may see some forward pricing improvement due to the pandemic and cost-cutting at competitors.
• The offshore pipelines are well positioned for growth in 2022 as a few major Gulf projects come online.
• The natural soda ash business is a bastion of stability and offers some growth potential.
• The company's debt load is incredibly high relative to cash flow, which explains the distribution cut as it struggles to get that under control.

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