Magellan enjoys a firm start

摘要

Magellan Midstream Partners has reported net income of $90. lm for the first quarter 2011, up 40 per cent on last year's figure. "Magellan kicked off 2011 in solid form, with each of our business segments generating higher first-quarter financial results than the year-ago period," says Mike Mears, CEO. "Our partnership benefited from recently completed acquisitions and growth projects, improved demand for petroleum products and higher petroleum prices so far this year." The operating margin for Magellan's terminal operations was $39.9m, a quarterly record. The increase reflects additional capacity, higher storage fees, increased ethanol throughput and the contribution from the Gushing, Oklahoma crude oil Terminal acquired in September 2010. On the back of these firm figures for the first quarrer, Magellan has raised its forecast distributable cashflow for the full year by 7.3 per cent to $440m.