Latest Magellan Midstream Partners L.P. Stories
TULSA, Okla., July 27 /PRNewswire-FirstCall/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that its purchase of substantially all of the assets of Longhorn Partners Pipeline, L.P. has been approved by the bankruptcy court. Closing is set for July 29, with no additional approvals required. The 700-mile common carrier pipeline system transports refined petroleum products from Houston to El Paso, Texas. A terminal in El Paso, comprised of a 5-bay truck loading rack and over...
TULSA, Okla., July 27 /PRNewswire-FirstCall/ -- The board of directors for the general partner of Magellan Midstream Holdings, L.P. (NYSE: MGG) has declared the partnership's quarterly cash distribution of 35.9 cents per unit for the period April 1 through June 30, 2009. The second-quarter distribution is 6% higher than the second-quarter 2008 distribution of 33.75 cents and equal to the first-quarter 2009 distribution. The distribution, which equates to $1.436 per unit on an annualized...
TULSA, Okla., July 27 /PRNewswire-FirstCall/ -- The board of directors for the general partner of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared the partnership's quarterly cash distribution of 71 cents per unit for the period April 1 through June 30, 2009. The second-quarter distribution is 3% higher than the second-quarter 2008 distribution of 68.75 cents per unit and equal to the first-quarter 2009 distribution. The distribution, which equates to $2.84 per unit on an...
TULSA, Okla., July 20 /PRNewswire-FirstCall/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) and Magellan Midstream Holdings, L.P. (NYSE: MGG) announced today that separate unitholder special meetings will be held in Tulsa, Oklahoma on Sept. 25, 2009 for unitholders of record of each partnership on July 27, 2009 to vote on the previously announced proposed simplification of the partnerships' capital structure and related matters pursuant to the Agreement Relating to Simplification of...
TULSA, Okla., June 19 /PRNewswire-FirstCall/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced a $300 million public offering of its 10-year senior notes at 6.55%. The net proceeds from this offering of approximately $296.5 million, after payment of underwriting discounts and estimated offering expenses, will be used to repay all of the borrowings outstanding under its revolving credit facility and for general partnership purposes, including capital...
TULSA, Okla., June 19 /PRNewswire-FirstCall/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has been selected as the "stalking horse" bidder for substantially all of the assets of Longhorn Partners Pipeline, L.P. Completion of the acquisition is subject to an auction process, bankruptcy court approval and customary regulatory approval. The 700-mile common carrier pipeline system transports refined petroleum products from Houston to El Paso, Texas. A terminal in El...
Updates Second-Quarter and Annual Earnings Expectation due to Recent Significant Increase in Petroleum Prices TULSA, Okla., June 17 /PRNewswire-FirstCall/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) affirmed today its previous 2009 annual guidance for distributable cash flow of approximately $330 million. Specific to net income per limited partner unit, management currently estimates $2.50 for full year 2009 and approximately 30 cents for second quarter. The updated guidance is...
TULSA, Okla., May 28 /PRNewswire-FirstCall/ -- The board of directors for the general partner of Magellan Midstream Partners, L.P. (NYSE: MMP) has elected Barry R. Pearl as an independent board member. Pearl was formerly president and chief executive officer of TEPPCO Partners, L.P. until his retirement in 2005. Prior to joining TEPPCO in 2001, Pearl was vice president of finance and chief financial officer of Maverick Tube Corporation from 1998 to 2000 and served in various executive...
TULSA, Okla., May 6 /PRNewswire-FirstCall/ -- Magellan Midstream Holdings, L.P. (NYSE: MGG) today reported first-quarter 2009 operating profit of $56.1 million compared to $74.8 million for first quarter 2008 excluding a $26.5 million one-time gain on assignment of a third-party supply agreement during March 2008. Reported operating profit for first quarter 2008 including the one-time gain was $101.3 million. Net income was $41.2 million during first quarter 2009 versus $62.9 million in...
- Increased Financial Results from Core Fee-Based Transportation and Terminals Activities - Petroleum Products Pipeline Volumes Up 4% Versus 2008 Period - 2008 Results Included $26.5 Million One-Time Gain on Assignment of Supply Agreement - Projected 2009 Distributable Cash Flow Raised TULSA, Okla., May 6 /PRNewswire-FirstCall/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) today reported financial results for first quarter 2009. First-quarter 2009 operating profit was $60.1 million...
