Magellan Reports Another Consistent Solid Quarter; Expanding in Permian
Magellan turned in a solid and consistent first quarter, and we have no plans to change our $71 fair value estimate or wide moat rating. With wide differentials appearing in the Permian since the start of the year, Magellan has added back previously removed spot shipments on its Longhorn and BridgeTex pipelines, adding an incremental $30 million to now revised 2018 guidance of $1.08 billion. While almost all Longhorn shippers have extended their current contracts for another two years, tariff pr...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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