Genesis' Oil and Gas Exposure a Near-Term Risk
Narrow-moat Genesis Energy reported a soft first half, with EBITDA down 1.5% to NZD 196 million as an improved retail performance was offset by planned outages at a power station and the Kupe oil and gas field. Without these outages repeating, second-half earnings should improve. Management upgraded guidance by a couple of percent to NZD 360 to 375 million, which at the midpoint represents growth of 2% on last year. We marginally upgrade our fiscal 2019 earnings forecasts and remain comfortable ...Genesis Energy Limited is an energy company involved in the generation of electricity, retailing and trading of energy, and the development and procurement of fuel sources. The Company operates through four segments: Customer experience, Energy management, Oil and gas, and Corporate. The Customer experience segment is engaged in supplying of energy (electricity, gas and liquefied petroleum gas (LPG)) and related services to end user customers. The Energy management segment is engaged in the generation and trading of electricity and related products. The segment includes electricity sales to the wholesale electricity market, derivatives entered into to fix the price of electricity, and wholesale gas and coal sales. The Oil and gas segment is engaged in the exploration, development, production and sale of gas, LPG and light oil. The Corporate segment is engaged in new generation investigation and development, fuel management, information systems and property management, among others.
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