Growth in revenue lifts Magellan

Source: Tulsa World, Okla.自存倉Aug. 02--Tulsa's Magellan Midstream Partners LP pumped profits up 10 percent in the second quarter, making $153.6 million for the oil and gas storage and transportation firm.CEO Michael Mears said that favorable commodity prices and fees from its transportation segment helped increase earnings compared to the same period a year ago."Magellan continues to generate stronger-than-expected financial results for 2013 driven by our solid fee-based transportation and terminals business and a favorable pricing environment for our commodity-related activities," Mears said in a statement.The strong quarter helped persuade the company to boost its target cash distribution growth to 16 percent this year and 15 percent in 2014. Company management is expecting to distribute about $50 million more to unit holders this year, up to $630 million.Magellan's operating profit grew by 10 percent compared to the same period year ago to $184.5 million and earnings per diluted partner unit jumped from 61 cents to 68 cents.Total revenues for Magellan during the second quarter were actually down by some $5.6 million, led by a $52.4 million decline in product sales. But transportation and terminal revenue spiked $33.7 million compared to a year ago to $282.46 million.Magellan Midstream boosted its margins for shipping fuel during the quarter by 9.6 cents a barrel.The company also 迷你倉新蒲崗hipped 3.2 million more barrels of fuel during the period than it did during the second quarter of 2012. The biggest increase in fuel shipping was from gasoline and distillates, while aviation fuel and liquefied petroleum products actually dropped.Crude oil shipments also jumped by nearly 9 million barrels and the margin per barrel jumped from 30.1 cents to 77.1 cents.Magellan also started work this year on two projects, the Longhorn and Double Eagle pipeline projects in Texas, that should help boost capacity in the future.The Longhorn pipeline will help deliver crude oil inventories to the Houston Gulf Coast refining region and the Double Eagle pipeline will connect to Corpus Christi to deliver petrochemicals.The Longhorn pipeline began deliveries in mid-April and Double Eagle could begin some operations as early as September.The company also spent $57 million in July to purchase the assets of Plains All American Pipeline LP, which owns properties in Texas and New Mexico.Magellan Midstream Partners Earnings2013 2012 2013 20122Q 2Q Half-year Half-yearRevenue $443.9 M $449.5 M $876.3 M $943.0 MNet income (loss) $153.6 M $137.8 M $266.6 M $231.3 MNet per unit $0.68 $0.61 $1.18 $1.02Kyle Arnold 918-581-8380kyle.arnold@tulsaworld.comCopyright: ___ (c)2013 Tulsa World (Tulsa, Okla.) Visit Tulsa World (Tulsa, Okla.) at .tulsaworld.com Distributed by MCT Information Services迷你倉出租