Welcome to our dedicated page for Magellan Midstream Partners, L.P. news (Ticker: MMP), a resource for investors and traders seeking the latest updates and insights on Magellan Midstream Partners, L.P. stock.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a leading publicly traded partnership in the United States specializing in the transportation, storage, and distribution of refined petroleum products and crude oil. Headquartered in Tulsa, Oklahoma, Magellan operates the country's longest refined petroleum products pipeline system, granting access to nearly 50% of the nation's refining capacity. The company can store over 100 million barrels of petroleum products, including gasoline, diesel fuel, and crude oil, throughout its extensive network spanning 24 states.
With a dedicated workforce of over 1,700 employees, Magellan prioritizes safety, efficiency, honesty, and responsibility in its operations. The company continually seeks talented, motivated professionals and offers competitive pay and excellent benefits to its workforce.
Magellan is proactively engaged in numerous projects and achievements. Recently, the company's board declared a quarterly cash distribution and a special cash distribution linked to its pending merger with ONEOK, Inc. (NYSE: OKE). This merger, approved by both ONEOK shareholders and Magellan unitholders, was completed on September 25, 2023, resulting in the creation of a more diversified North American midstream infrastructure company.
Financially, Magellan has demonstrated strong performance, reporting significant increases in distributable cash flow and free cash flow for the second quarter of 2023. The company's financial health is further supported by ongoing expansion projects, including the 30,000-barrel-per-day expansion of its refined products pipeline to El Paso, Texas.
Despite facing challenges such as fluctuating commodity prices and regulatory changes, Magellan remains committed to maximizing investor value, maintaining operational excellence, and ensuring environmental stewardship. The company's 2022 sustainability report underscores its commitment to responsible governance and safe operations.
For more information, visit www.magellanlp.com.
Magellan Midstream Partners, L.P. (NYSE: MMP) announced that CFO Jeff Holman will participate in a Q&A session at the Wolfe Research Utilities, Midstream & Clean Energy Conference on September 30, 2022, at 10:15 a.m. Eastern Time. The session will be moderated by Wolfe Research analyst Keith Stanley and will be webcast live on Magellan's website with a replay available for 30 days. Investors can access the latest investor slide deck on the company’s site as well.
Magellan Midstream Partners, L.P. (NYSE: MMP) has announced the availability of 2021 Schedule K-3s, which are essential for unitholders with international tax reporting requirements. Foreign unitholders and certain corporate partners may need this information. To access the Schedule K-3, investors are encouraged to visit www.taxpackagesupport.com/mmp. Magellan will not mail these documents but offers electronic copies via request through Tax Package Support.
Magellan Midstream Partners announced plans to expand its refined petroleum products pipeline system from Houston to El Paso, Texas, following a successful open season. This expansion aims to increase capacity from 70,000 barrels per day to 100,000 barrels per day by constructing a new 16-inch, 30-mile pipeline and enhancing operational storage. The project is expected to cost approximately $125 million and be completed by early 2024, pending necessary approvals. CEO Aaron Milford highlighted strong market demand and take-or-pay commitments from quality customers.
Magellan Midstream Partners, L.P. (MMP) reported a net income of $354 million for Q2 2022, up from $280 million in Q2 2021. The increase was driven by a $162 million gain on the sale of its independent terminals. Diluted earnings per unit rose to $1.67, or $0.90 excluding the gain. Distributable cash flow (DCF) decreased to $228 million, while free cash flow (FCF) improved to $649 million. The company anticipates an annual DCF of $1.09 billion and FCF of $1.45 billion in 2022, maintaining a distribution coverage of 1.25 times.
The board of directors of Magellan Midstream Partners has declared a quarterly cash distribution of $1.0375 per unit for the period April 1 to June 30, 2022. This distribution translates to an annualized rate of $4.15 per unit, scheduled for payment on August 12 to unitholders of record by the close of business on August 5. It's noteworthy that distributions to foreign investors will be subject to federal income tax withholding at the highest effective tax rate, reflecting the partnership's business operations in the United States.
Magellan Midstream Partners, L.P. (NYSE: MMP) has announced the extension of the open season for customer commitments regarding the potential expansion of its refined petroleum products pipeline from Houston to El Paso, Texas. The new deadline for binding commitments is July 29, 2022. This expansion aims to increase the capacity of the pipeline from Odessa to El Paso by 15,000 barrels per day, totaling approximately 85,000 bpd. The projected increase in capacity is anticipated to be operational by mid-2023, pending necessary approvals.
Magellan Midstream Partners, L.P. (NYSE: MMP) will announce its second-quarter 2022 financial results before market opening on July 28, 2022. Management will discuss these results and the outlook for the remainder of the year in a conference call at 1:30 p.m. Eastern on the same day. Participants can access the call via the company’s website or by phone. Magellan operates the longest refined petroleum products pipeline system in the U.S., with significant storage capacity for petroleum products.
Magellan Midstream Partners (NYSE: MMP) has announced an extension of its open season for customer commitments regarding the potential expansion of its refined petroleum products pipeline from Houston to El Paso, Texas. The deadline for binding commitments has been moved to July 15, 2022. The proposed project aims to enhance capacity by 15,000 barrels per day, reaching a total of approximately 85,000 bpd. This expansion is expected to facilitate the transportation of refined products from Gulf Coast refineries and broaden market accessibility.
Magellan Midstream Partners, L.P. (NYSE: MMP) has announced that the sale of its independent terminals network to Buckeye Partners, L.P. is nearing completion, with an expected closing date of June 8, 2022. The sale, originally agreed upon in June 2021, involves 26 terminals and approximately 6 million barrels of storage for $435 million. Magellan plans to utilize the proceeds to align with its capital allocation priorities, including potential equity repurchases.
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