Genesis Energy, L.P. (NYSE:GEL) Q2 2023 Earnings Call Transcript

Ryan Sims: There’s — as we have a portion of our portfolio is still subject to negotiation of price for the fourth quarter. But we’ve taken into account where we think that, that’s going to come out as we sit here kind of halfway through the third quarter. And based upon what we see, we’ve taken that into account in providing the range that we gave you.

Michael Blum: Okay. Perfect. Thanks. And then, Grant, you made some — in relation to the sulfur business, you talked a little bit about you’re going to take some steps to get that kind of back to its normal kind of run rate cash flow. Can you talk a little bit about what those steps may be?

Grant Sims: It’s basically we think that, it was beyond our control, what has happened to a number of our host refineries. One of our locations, actually half of the crude oil processing capacity, and therefore, sulfur handling requirement has been converted to biofuels. So that’s — there’s nothing we can do about that structural thing other than try to increase production from some of our other facilities. So we believe that the operating upsets that occurred by a number of our host refineries are behind them. We’re seeing a return to normal operating rates here in the third quarter and hopefully accelerated into the fourth, and based upon our daily discussions with the host refineries, because we want to be consistent and ready to help them as they ramp up that we think that 2024 will be a much better production year from our other locations that we experienced in 2023.

Michael Blum: Got it. Makes sense. Thanks for the time.

Grant Sims: Thanks.

Operator: At this time, there are no further questions in queue.

Grant Sims: Okay. Well, thanks, everybody, for joining. And we look forward to continuing a dialogue with each and every one of you. Thank you.

Operator: Ladies and gentlemen, that does conclude your call. You may now disconnect your lines. And thank you again for joining us today.