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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 (MMP), Enterprise Products Partners (EPD), and Intercontinental Exchange (ICE) have expanded their no-charge agreement for crude oil transfers at the Houston terminals. This new arrangement allows for free transfers between Magellan East Houston (MEH) and Enterprise Crude Houston (ECHO) terminals for deliveries via ICE's EFP and ADP mechanisms, increasing operational flexibility. The no-fee policy is valid through March 31, 2023, enhancing cost efficiency for HOU futures customers.
Magellan Midstream Partners, L.P. (NYSE: MMP) announced that CEO Aaron Milford will participate in a Q&A session at the 2022 Investor Conference by the Energy Infrastructure Council on May 16, 2022, at 2:20 p.m. Eastern in West Palm Beach, Florida. The session will be moderated by James Carreker, U.S. Capital Advisors equity research analyst, and will be available live via webcast on Magellan's website, with a replay accessible for 30 days. Additionally, management will meet with institutional investors and provide an updated investor slide deck during the conference.
Magellan Midstream Partners reported a net income of $166 million for Q1 2022, down from $221 million in Q1 2021. Diluted net income per unit was 78 cents compared to 99 cents in the previous year. Adjusted diluted income excluding MTM adjustments was $1.10, surpassing guidance of $1.02. Distributable cash flow (DCF) was $265 million, down from $276 million year-over-year. Magellan increased annual DCF guidance by $15 million to $1.09 billion for 2022, citing better-than-expected performance and favorable commodity pricing.
Magellan Midstream Partners, L.P. (MMP) announced an open season to gauge interest in firm pipeline capacity from Houston to El Paso, Texas. The initiative aims to expand a 265-mile pipeline, increasing capacity by approximately 15,000 barrels per day (bpd) to around 85,000 bpd. Binding commitments are required by June 24, 2022, with potential capacity available by mid-2023. The project's goal is to enhance transportation of refined petroleum products, benefiting access to markets in New Mexico, Arizona, and Mexico.
Magellan Midstream Partners (NYSE: MMP) announced the retirement of Robert Croyle from its board, effective April 30, after 13 years of service. Sivasankaran "Soma" Somasundaram will succeed him, starting May 1. Soma brings over 30 years of experience in energy and industrial markets, currently serving as CEO of ChampionX Corporation (NASDAQ: CHX). His background includes leadership roles at Apergy Corporation (NYSE: APY) and Dover Corporation, focusing on operational excellence and growth strategies. This board change aims to enhance value for long-term investors.
Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0375 per unit for Q1 2022, equivalent to $4.15 annually. Payments will be made on May 13 to unitholders of record as of May 2. This distribution is subject to federal income tax withholding for foreign investors. Magellan operates the longest pipeline system for refined petroleum products in the U.S., with access to nearly 50% of the country's refining capacity and storage for over 100 million barrels of petroleum products.
Magellan Midstream Partners, L.P. (NYSE: MMP) will report its financial results for the first quarter of 2022 on May 5, 2022, prior to the market opening. The management will provide insights on earnings and outlook during a conference call at 1:30 p.m. Eastern on the same day. Investors can access the call via the partnership's website or through a limited number of phone lines. The partnership is known for its extensive pipeline system, which transports refined petroleum products and crude oil, holding significant capacity in the U.S. market.
Magellan Midstream Partners, L.P. (NYSE: MMP) will host a meeting for research analysts and institutional investors on March 29, 2022, at 8 a.m. Central in Houston. The senior management team will discuss the partnership's business, long-term outlook, and capital allocation. A live slide presentation and audio webcast will be available on the company's website, with a replay accessible for at least 90 days. Magellan operates the longest refined petroleum products pipeline in the U.S., with access to nearly 50% of the national refining capacity.
Magellan Midstream Partners (MMP) reported a net income of $244 million for Q4 2021, up from $184 million in Q4 2020. Diluted earnings per unit increased to $1.14, exceeding $1.10 guidance. Distributable cash flow (DCF) rose to $297 million, while free cash flow (FCF) reached $291 million. For FY 2021, net income totaled $982 million, up from $817 million in 2020. Management anticipates a DCF of $1.075 billion for 2022, lower than 2021, and plans for a 6% tariff increase in July. The partnership aims for ongoing distribution growth and expansion projects.
Magellan Midstream Partners (NYSE: MMP) announced the retirement of CEO Michael Mears, effective April 30, 2022, after over a decade of leadership. Aaron Milford, the current COO, will succeed him starting May 1. Mears has guided the company through various industry challenges and oversaw $6 billion in capital investments while doubling cash distributions to investors. Barry Pearl will take on the role of chairman of the board, reinforcing governance best practices. Both Mears and Milford have extensive experience in the energy sector, positioning Magellan for future growth.
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