Magellan Midstream Announces Record Results

Magellan Midstream Partners LP reports higher quarterly, and record annual, operating profit, net income and distributable cash flow compared to the same period in 2007.
Fourth-quarter 2008 operating profit of $100.6 million represented a 19 percent increase compared to $84.8 million for fourth quarter 2007. For the year ended Dec. 31, operating profit grew 33 percent to $399.5 million from $300.3 million in the comparable 2007 period.
Net income grew to $85.6 million during fourth quarter 2008, which is a 19 percent increase over the $72.2 million reported for fourth quarter 2007. For the year ended Dec. 31, net income grew 43 percent to $346.6 million from $242.8 million in the corresponding 2007 time frame.
“Our strong performance for the quarter benefited from increased revenues in all three of our business units despite the impact of Hurricane Ike on Oct. throughput volumes and the weak economy,” said Don Wellendorf, chief executive officer. “Record results for the full year 2008 resulted from expansion projects, rate increases, higher commodity margins and the gain on assignment of a third-party supply agreement, all of which helped overcome poor economic conditions, unprecedented swings in commodity prices and natural disasters that affected Magellan during the year.”



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