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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 announced a quarterly cash distribution of $1.0275 per unit for the period of January 1 to March 31, 2021. This distribution totals $4.11 on an annualized basis, with payment scheduled for May 14 to unitholders of record by May 7. The announcement serves as a qualified notice for foreign investors, indicating that distributions are subject to federal income tax withholding at the highest effective rate. Magellan operates the longest refined petroleum products pipeline system in the U.S., accessing nearly 50% of national refining capacity.
On April 22, 2021, Magellan Midstream Partners (NYSE: MMP) announced the sale of nearly half of its membership interest in MVP Terminalling for $270 million. The transaction closed on April 19, leaving Magellan with a 25% stake while continuing as the operator of the Pasadena marine terminal. This facility, located along the Houston Ship Channel, can store over five million barrels and has potential for capacity expansion. Proceeds from the sale will support capital allocation priorities, including potential unit repurchases.
Magellan Midstream Partners, L.P. (NYSE: MMP) will release its first-quarter 2021 financial results on April 29, 2021, before the market opens. Management will discuss earnings and the outlook for the year in a conference call at 1:30 p.m. Eastern. Investors can join the call through the partnership's website or by phone. Magellan operates the longest refined petroleum products pipeline system in the U.S., owning substantial storage capacity for petroleum products.
Magellan Midstream Partners, L.P. (NYSE: MMP) has extended its open season for customers to commit to the potential expansion of its New Mexico refined petroleum products pipeline. The deadline for binding commitments is now March 31, 2021, at 5:00 p.m. Central Time. The expansion aims to increase the pipeline's capacity by over 5,000 barrels per day, boosting total capacity to more than 30,000 bpd. This development follows significant interest from potential shippers and is expected to enhance access to refined products from Gulf Coast refineries.
Magellan Midstream Partners, L.P. (NYSE: MMP) announced its participation in two virtual investor conferences next week. CEO Michael Mears will join a Q&A session at the Morgan Stanley Energy & Power Conference on March 1 at 1:30 p.m. Eastern, moderated by Robert Kad. COO Aaron Milford will participate in a Q&A at the Credit Suisse Annual Energy Summit on March 2 at 9:30 a.m. Eastern, moderated by Spiro Dounis. Live webcasts will be available on their website, with replays for at least 30 days.
Magellan Midstream is a major transporter, store, and distributor of refined petroleum products.
Magellan Midstream Partners, L.P. (NYSE: MMP) has launched an open season to gauge customer interest for expanding its New Mexico refined petroleum products pipeline. Interested customers must submit binding commitments by March 19, 2021. The nearly 250-mile pipeline fetches gasoline and diesel from El Paso, Texas to Albuquerque, New Mexico. The proposed expansion could increase capacity by over 5,000 barrels per day, pushing total capacity beyond 30,000 bpd, potentially available by late 2022.
Magellan Midstream Partners, L.P. (MMP) reported a net income of $183.9 million for Q4 2020, a decrease from $286.4 million in Q4 2019. The decline was attributed to reduced refined product demand due to COVID-19, lower commodity prices, and decreased volumes in crude oil pipelines. DCF for Q4 2020 was $269.7 million, down from $357.8 million in Q4 2019. Despite challenges, MMP anticipates a recovery in refined products shipments for 2021, with expected DCF of $1.02 billion. The partnership plans to maintain quarterly distributions at $1.0275 per unit.
Magellan Midstream Partners, L.P. (MMP) has announced a quarterly cash distribution of $1.0275 per unit for the period Oct. 1 to Dec. 31, 2020. This amount translates to an annualized distribution of $4.11 per unit, which is a 1% increase from $4.065 in 2019. The distribution will be paid on Feb. 12 to unitholders on record by Feb. 5. This marks the 19th consecutive year of annual distribution increases since MMP’s IPO in 2001.
Magellan Midstream Partners and Enterprise Products Partners have entered an agreement to develop a futures contract for physical crude oil delivery in Houston. This contract aims to enhance market transparency and flow assurance, aligning with West Texas Intermediate crude specifications. The collaboration leverages both companies' infrastructure, allowing access to five pipelines delivering 2 million barrels per day from the Permian Basin. The initiative promises increased flexibility, connectivity, and market access for customers.
Magellan Midstream Partners, L.P. (NYSE: MMP) is set to announce its fourth-quarter 2020 financial results on February 2, prior to market opening. A conference call with management will take place at 1:30 p.m. Eastern on the same day to discuss earnings and provide 2021 guidance. Investors can listen to the call via the company's website or through a limited number of phone lines. Magellan operates the longest refined petroleum products pipeline system in the U.S., with substantial storage capacity for various petroleum products.
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