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TULSA, Okla., April 29, 2021 /PRNewswire/ Magellan Midstream Partners, L.P. (NYSE: MMP) today reported net income of $221.3 million for first quarter 2021 compared to $287.6 million for first quarter 2020. Diluted net income per common unit was 99 cents in first quarter 2021 and $1.26 in first quarter 2020.
Diluted net income per unit excluding mark-to-market (MTM) commodity-related pricing adjustments, a non-generally accepted accounting principles (non-GAAP) financial measure, was $1.09 for first quarter 2021. These results were higher than the 75-cent guidance provided by management in early February primarily due to higher-than-expected commodity margins from an improved pricing environment, an overall favorable impact from the recent winter storms and other one-time positive items.
Magellan Midstream has sold nearly one-half of its membership interest in MVP Terminalling.
Magellan Midstream Partners, L.P. (NYSE: MMP) reported Thursday that it has sold nearly one-half of its membership interest in MVP Terminalling, LLC, its Pasadena, Texas, refined products marine storage terminal joint venture along the Houston Ship Channel.
MMP, which did not identify the buyer, stated that it sold the partial interest for $270 million and now owns approximately 25% of MVP Terminalling. It added that it continues to operate the facility.
“Important energy infrastructure assets – such as those owned by our Pasadena marine terminal joint venture – are critical to both the U.S. and global economy and continue to be highly valued,” remarked Michael Mears, MMP’s CEO. “As Magellan has demonstrated in the past, we regularly review both potential investments and our own asset portfolio for opportunities to unlock incremental value for our investors.”
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TULSA, Okla., April 22, 2021 /PRNewswire/ Magellan Midstream Partners, L.P. (NYSE: MMP) announced today the sale of nearly half of its membership interest in its Pasadena marine terminal joint venture, MVP Terminalling, LLC, to an undisclosed financial buyer for $270 million. The sale closed on April 19. Magellan now owns approximately 25% of MVP Terminalling and remains the operator of the facility.
MVP Terminalling owns a refined petroleum products marine storage terminal along the Houston Ship Channel in Pasadena, Texas. The terminal currently includes over five million barrels of storage, two ship docks and truck loading facilities, with space to nearly double its current capacity.
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TULSA, Okla., April 22, 2021 /PRNewswire/ The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0275 per unit for the period Jan. 1 through March 31, 2021.
The distribution, which equates to $4.11 per unit on an annualized basis, will be paid May 14 to unitholders of record at the close of business on May 7.
This announcement is intended to be a qualified notice to nominees under Treasury Regulation Section 1.1446-4(b), with 100% of the partnership s distributions to foreign investors attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.