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Magellan Midstream Partners LP - Stock Quote MMP

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Morningstar's Magellan Midstream Partners LP Stock Analysis

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Magellan’s Q1 Is Relatively Quiet Activitywise as It Continues to Aggressively Repurchase Units

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Magellan’s first-quarter results were relatively quiet compared with U.S. peers that are increasingly putting more capital to work. Magellan’s growth capital spending plans are still only about $70 million for the year, reflecting management’s capital discipline. It also reflects the fact that the strongest growth areas are currently largely within Permian gas, which is not a core competency for the partnership. Still higher expectations for a more favorable commodity pricing environment for the rest of the year led Magellan to boost its distributable cash flow guidance by $15 million for the year to $1.09 billion compared with our $1.06 billion estimate. Given the immaterial change, we expect to maintain our fair value estimate and wide moat rating.

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Magellan Midstream Partners LP's Company Profile

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 Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 1,715

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