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.
The law firm Kherkher Garcia, LLP has filed a lawsuit for two workers injured in a December 5, 2020 explosion at the Magellan Midstream Partners, L.P. facility in Corpus Christi. The incident occurred while workers were cleaning a crude oil storage tank, resulting in injuries to at least seven crew members, some requiring treatment at a specialized burn center in San Antonio. The lawsuit aims to hold Magellan accountable for the devastating injuries and to promote safety within the industry.
Magellan Midstream Partners, L.P. (NYSE: MMP) announced that CEO Michael Mears will take part in a Q&A session at the Wells Fargo Virtual Midstream and Utility Symposium on Dec. 8 at 2:00 p.m. Eastern. The session will be moderated by Praneeth Satish and streamed live on Magellan's website, with a replay available for 30 days. Additionally, management will conduct virtual meetings with institutional investors during the event, with presentation slides accessible online.
Magellan Midstream Partners (NYSE: MMP) has priced $300 million of 3.95% senior notes due 2050, priced at 109.678% of par with a re-offer yield of 3.418%. The net proceeds, estimated at approximately $322 million, will be used for general partnership purposes, including debt repayment and capital expenditures. The offering is set to close on Dec. 16, 2020, and follows the initial issue on Aug. 19, 2019. Joint book-running managers include Wells Fargo and Barclays.
Magellan Midstream Partners (NYSE: MMP) will participate in two virtual investor conferences in November 2020. On November 12, CFO Jeff Holman will engage in a Q&A session at the BofA Securities 2020 Global Energy Virtual Conference at 10:00 a.m. Eastern. On November 19, COO Aaron Milford will participate in a Q&A at the RBC Capital Markets Midstream and Energy Infrastructure Conference at 2:00 p.m. Eastern. Live webcasts and presentation slides will be available on their website for at least 30 days.
Magellan Midstream Partners reported a net income of $211.6 million for Q3 2020, a decline from $273.0 million in Q3 2019, largely due to decreased refined product demand amid COVID-19. Diluted earnings per unit fell to 94 cents, compared to $1.19 last year, though exceeded earlier guidance. Distributable cash flow was $258.8 million, down from $306.8 million a year earlier. Operating margins for refined products decreased by $31.5 million. Management estimates a DCF of $1.025 billion for 2020, maintaining quarterly distributions, targeting a distribution coverage of 1.11 times.
Magellan Midstream Partners, L.P. (NYSE: MMP) has announced a quarterly cash distribution of $1.0275 per unit for the period of July 1 to September 30, 2020. This distribution is approximately 1% higher than the same period last year and remains unchanged from the previous quarter. An annualized basis distribution totals $4.11 per unit, payable on Nov. 13 to unitholders of record by Nov. 6. Additionally, foreign investors' distributions will be subject to federal income tax withholding.
Magellan Midstream Partners, L.P. (NYSE: MMP) will announce its third-quarter 2020 financial results before market opens on October 30, 2020. Management will provide insights on earnings and the outlook for the rest of the year during a conference call scheduled for 1:00 PM Eastern on the same day. The partnership operates the longest refined petroleum pipeline system in the U.S., accessing nearly half of the nation's refining capacity and storing over 100 million barrels of petroleum products.
Magellan Midstream Partners, L.P. (NYSE: MMP) will participate in a question and answer session at the Barclays CEO Energy-Power Conference on September 9, 2020, at 4:25 p.m. Eastern. The session will be moderated by Barclays analyst Theresa Chen and streamed live on Magellan's website. Virtual meetings with institutional investors will also take place during the conference, and related slides will be accessible online. Magellan Midstream transports and stores refined petroleum products and crude oil, owning the longest pipeline system in the U.S.
Magellan Midstream Partners (NYSE: MMP) reported a net income of $133.8 million for Q2 2020, a decline from $253.7 million in Q2 2019, primarily due to COVID-19’s impact on refined product demand. Diluted net income per unit was 59 cents compared to $1.11 a year earlier. Distributable cash flow was $209.5 million, down from $314.8 million. Despite a challenging environment, actual results exceeded management's expectations, aided by lower operating expenses and higher commodity prices. Financial guidance for 2020 estimates annual DCF at $1.0 to $1.05 billion.
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