Magellan Midstream's 4Q Earnings Mixed; Offers Muted 2019 Outlook
Magellan Midstream reported mixed fourth-quarter earnings and offered a muted 2019 outlook. We plan to update our forecast but don’t expect a material change in our $72 fair value estimate or wide moat rating. Distributable earnings for the quarter were $302 million compared with $308 million last year, negatively affected by $18 million in write-offs related to the shutdown of the ammonia pipeline and the discontinuance of the Delaware Basin pipeline.Guidance for 2019 distributable cash flow i...
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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