Magellan Delivers In-Line 4Q and Issues Strong Guidance Despite Splitter Contract Loss
Magellan Midstream Partners reported fourth-quarter earnings within $5 million of our expectations as the steady performance of the partnership continued apace in 2016. A slightly lower operating margin in its refined products segment from mark-to-market adjustments for hedged positions was more than offset by a marked increase in the margin performance of its crude oil segment. The addition of new storage contracts at Magellan’s Houston terminal and beginning of operations of the Saddlehorn Pip...Magellan Midstream Partners is engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The company's segments are: refined products, which consists of its refined products pipeline system, independent terminals and ammonia pipeline system; crude oil, which comprises crude oil pipelines, condensate splitter and storage facilities and ships crude oil as a common carrier for customers including crude oil producers, end users such as refiners, and marketing and trading companies; and marine storage, which owns and operates marine storage terminals located along coastal waterways.
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