Magellan Reports Steady 2Q Due to Refined Products Stability and Improved Crude Earnings
Magellan's second-quarter earnings were as expected, as crude-oil-driven earnings from a new condensate splitter startup and incremental contributions from Permian pipelines more than made up for flat results in the refined products business. We plan to maintain our $71 fair value estimate and wide-moat rating. Overall earnings still appear to be on the same trajectory as management guidance and our expectations in terms of 5%-8% growth for both distributable cash flow and distributions per unit...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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