Wednesday, August 10, 2011

Magellan Midstream generates record quarterly operating profit and net income

Magellan Midstream Partners, L.P. (NYSE: MMP) on Aug. 3 reported a record quarterly operating profit of $128.7 million for the second quarter 2011, compared to $124.7 million for second quarter 2010. The partnership also generated record quarterly net income of $103 million for the second quarter 2011, compared to $102.5 million for second quarter 2010.

Net income per limited partner unit was 91 cents in the second quarter 2011 versus 96 cents in the corresponding 2010 period. Net income per unit excluding mark-to-market (MTM) commodity-related pricing adjustments, a non-generally accepted accounting principles (non-GAAP) financial measure, was also 91 cents for second quarter 2011, exceeding the 87-cent guidance provided by management in early May.

Distributable cash flow (DCF), a non-GAAP financial measure that represents the amount of cash generated during the period that is available to pay distributions, increased 17 percent to $117.6 million for second quarter 2011 compared to $100.7 million during second quarter 2010.

"Magellan continues to perform well this year, delivering record quarterly financial results during the second quarter of 2011," said Michael Mears, chief executive officer. "Contributions from recently-completed acquisitions and expansion projects have exceeded our initial expectations, and along with strong commodity performance, are keeping us on track for a record year. We remain focused on additional opportunities to grow our partnership further."

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