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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, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0375 per unit for the fourth quarter of 2021 (Oct 1 - Dec 31). This distribution, amounting to $4.15 annually, will be paid on Feb. 14 to unitholders on record as of Feb. 7. For 2021, total distributions reached $4.13 per unit, up from $4.11 in 2020, marking 20 years of continuous growth since its IPO. The company highlights that all distributions to foreign investors are subject to federal income tax withholding at the highest rate.
Intercontinental Exchange (NYSE: ICE), Magellan Midstream Partners (NYSE: MMP), and Enterprise Products Partners (NYSE: EPD) announced the launch of the Midland WTI American Gulf Coast futures contract, set to commence trading on January 24. This contract allows delivery at both the Magellan East Houston and Enterprise Crude Houston terminals, supported by a combined capacity of over 4 million barrels daily. To enhance trading flexibility, the companies will waive the related pump over fee during the first year, which is a significant step toward establishing the U.S. Gulf Coast as a benchmark for crude oil pricing.
Magellan Midstream Partners, L.P. (NYSE: MMP) will announce its fourth-quarter 2021 financial results on February 2, 2022, before the market opens. The management team will discuss earnings and provide annual guidance for 2022 during a conference call at 1:30 p.m. Eastern on the same day. Investors can tune in via the partnership's website or by phone. Magellan operates the longest refined petroleum products pipeline in the U.S., accessing nearly 50% of the nation's refining capacity and storing over 100 million barrels of petroleum products.
Magellan Midstream Partners, L.P. (NYSE: MMP) has extended the open season for commitments on a potential expansion of its refined petroleum products pipeline from Kansas to Colorado. The new deadline for binding commitments is 5:00 p.m. Central Time on December 22, 2021. The existing pipeline, which carries gasoline, diesel, and jet fuel, currently operates at approximately 60,000 barrels per day. The proposed expansion aims to boost capacity by 5,000 barrels per day, reaching a total of 65,000 barrels per day by late 2022. This expansion would enhance fuel access for the Colorado market.
Magellan Midstream Partners, L.P. (MMP) will participate in a virtual Q&A session at the Wells Fargo 20th Annual Midstream, Utility & Renewables Symposium on Dec. 8, 2021, at 1:20 p.m. Eastern. CEO Michael Mears will be present, moderated by Wells Fargo's Praneeth Satish. The event will be webcast live on the partnership's website and available for replay for 30 days. Additionally, management will hold virtual meetings with institutional investors during the conference, with presentation slides accessible online.
Intercontinental Exchange (ICE) has announced changes to its ICE Permian WTI Crude Oil futures contract, transforming it into the Midland WTI American Gulf Coast (AGC) futures contract. The update adds the Enterprise Crude Houston (ECHO) terminal as a delivery point, enhancing supply capacity to over 4 million barrels per day. This contract will facilitate better export access through 14 docks in Houston and will ultimately provide around 150 million barrels of total crude storage capacity. The changes, pending regulatory approval, will take effect in early 2022.
Magellan Midstream Partners, L.P. (NYSE: MMP) announced an open season to gauge firm interest in expanding its refined petroleum products pipeline from Kansas to Colorado. This expansion aims to increase the pipeline's capacity by 5,000 barrels per day, totaling approximately 65,000 bpd, with potential completion by late 2022. The current pipeline, spanning around 450 miles, transports fuels to key Colorado markets, including Denver and Colorado Springs. Interested customers must submit binding commitments by December 17, 2021.
Magellan Midstream Partners, L.P. (MMP) reported a net income of $237 million for Q3 2021, up from $212 million in Q3 2020. Diluted net income per unit increased to $1.08 from $0.94. The results exceeded guidance, attributed to higher refined products shipments and reduced expenses, alongside a buyback of 8.1 million units. Distributable cash flow rose to $277 million, while free cash flow reached $252 million, both up year-over-year. Looking ahead, annual DCF guidance is raised by $30 million to $1.1 billion.
Magellan Midstream Partners (MMP) has boosted its quarterly cash distribution to $1.0375 per unit for the period from July 1 to September 30, 2021, a 1% increase from last year's figures. The annualized distribution amounts to $4.15 per unit, payable on November 12 to unitholders of record by November 5. Furthermore, the company completed a $390.7 million unit repurchase, exhausting its previous $750 million program. The board approved a further $750 million increase for the buyback program, now totaling $1.5 billion, extending through 2024.
Magellan Midstream Partners, L.P. (NYSE: MMP) will announce its third-quarter 2021 financial results before the market opens on November 2, 2021. The management will discuss the earnings and outlook during a conference call at 1:30 p.m. Eastern on the same day. The partnership operates the longest refined petroleum products pipeline system in the U.S., handling nearly 50% of the nation's refining capacity. Investors can listen to the call via the company website, with a replay available for 30 days after.
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