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Magellan Midstream Partners LP MMP Stock Quote

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Morningstar‘s Stock Analysis MMP

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Magellan's Focus in 2022 Remains on Unit Repurchases

Stephen Ellis Sector Strategist

Business Strategy and Outlook

| Stephen Ellis |

Magellan’s refined product pipelines are high-quality assets that have contributed to earnings stability as well as steady increases in distributions over time. The pipelines connect refineries to end markets such as gas stations and railroads. As both supply and demand are remarkably steady over time, Magellan has been able to extract modest inflation-linked price increases. However, investment opportunities have been more limited in the refined products segment. As a result, Magellan has invested more than $5 billion largely elsewhere since 2010 and has built up a respectable but ultimately more volatile and lower-quality crude oil pipeline, which now contributes about a third of operating margin. While the competitive intensity of the new businesses is higher than the core refined product pipelines, we’ve been impressed by Magellan’s capital discipline, as the projects have yielded high returns and supported continued distribution growth.

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Key Statistics MMP

Company Profile MMP

Business Description

Magellan Midstream Partners is a master limited partnership that operates pipelines and storage terminals in the Central and Eastern United States. Its assets transport, store, and distribute refined petroleum products and crude and earn a fee-based stream of cash flows. Assets include the country's longest petroleum pipeline network and several crude oil pipelines. Refined products make about 70% of operating margin, with the remainder mainly crude-oil pipelines.

One Williams Center, P.O. Box 22186
Tulsa, OK, 74121-2186
T +1 918 574-7000
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 1,715

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